What happened?
The U.S. SEC issued a No-Action Letter to DoubleZero saying programmatic transfers of its 2Z token won’t be treated as securities under the facts the company described. The letter, dated September 29, is the first public sign that a token tied to a DePIN (decentralized physical infrastructure network) can be distributed without triggering securities registration. The SEC also said 2Z doesn’t have to be registered as a class of equity securities and that it won’t recommend enforcement if DoubleZero follows the stated framework.
Who does this affect?
This directly affects DoubleZero, its contributors and users who rely on 2Z for rewards, staking, and network operations. It’s a big signal for other DePIN projects, Solana ecosystem participants, exchanges planning listings, and institutional players watching regulatory clarity. That said, the SEC made clear the decision is fact-specific, so other tokens may not get the same treatment unless their details match.
Why does this matter?
Market-wise, the ruling reduces regulatory uncertainty for utility-focused DePIN tokens and could unlock more exchange listings, institutional funding, and bank access, which typically boosts liquidity and adoption. With 2Z headed to Binance (and an airdrop plus staking being promoted), demand and trading activity could spike, helping Solana’s ecosystem grow. Still, investors should remember the letter is narrow and other projects might not receive the same green light, so risks remain.