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RegExp("[?&]notifications=1(&|#|$)");"desktop"===y&&i&&b.test(window.location.search)&&(i.checked=!0)};ge("ybar-mod-notification",(function(e){var t={isUH3:"crunch"===e.getConfig().ytheme,notifContainer:document.getElementById("notification-container"),notifBadge:document.getElementById("notif-badge"),notifMenu:document.getElementById("ybarNotificationMenu"),notifMenuOpener:document.querySelector("#ybarNotificationMenu + label"),notifDropdown:document.getElementById("notifDropdownContainer"),tooltipContainer:document.querySelector(".".concat($n)),notifLabel:document.querySelector(".".concat(Xn))};t.notifDropdown&&so(e,t)}))}()}};]]>Hassan ShittuTue, September 30, 2025 at 2:57 PM GMT+2 3 min readThe U.S. Securities and Exchange Commission (SEC) has issued a No-Action Letter to DoubleZero, confirming that programmatic transfers of its 2Z token will not be treated as securities transactions.The letter, dated September 29, represents the first public acknowledgment by the SEC that a token tied to blockchain-based Decentralized Physical Infrastructure Networks (DePIN) can be distributed without triggering securities registration requirements.In the response signed by Michael P. Seaman, chief counsel of the Division of Corporation Finance, the SEC stated it will not recommend enforcement action if DoubleZero conducts 2Z transfers under the framework described by the company’s counsel.Notably, the agency also said 2Z does not need to be registered as a class of equity securities under Section 12(g) of the Exchange Act.The SEC chairman also shared his view, noting that the agency is not extending its reach to cover every digital asset but focusing on tokens that clearly fall under securities laws.The SEC’s no-action letter to DoubleZero marks a pivotal moment for token regulation in the U.S.; however, it is based strictly on the company’s specific disclosures, with the agency warning that different facts could lead to a different outcome.For DoubleZero, the ruling validates its four-month engagement with the regulator and offers a green light for contributors and users to participate in the network without fear of securities violations.The token’s design, used for value transfer, incentives, and network security rather than equity-like ownership, was central to the SEC’s stance.Shortly after the announcement, Commissioner Hester Peirce also released a statement explaining that DoubleZero’s model fits into the category of decentralized physical infrastructure networks, or DePIN.She emphasized that these projects differ from traditional fundraising because tokens are distributed as compensation for providing services such as bandwidth, storage, or energy, not as investments seeking profit from others’ efforts.According to Peirce, the economic reality of DePIN projects does not meet the criteria of the Howey Test, which defines securities under U.S. law. Treating these tokens as securities, she warned, would stifle the growth of networks that rely on distributed providers.Peirce added that blockchain technology should not be forced into frameworks designed for financial markets, stressing that markets, not regulators, should determine the success of infrastructure-based projects.CGU et Politique de confidentialitéPrivacy & Cookie SettingsMore InfoS&P 5006,711.20 +22.74 (+0.34%)Dow 3046,441.10 +43.21 (+0.09%)Nasdaq22,755.16 +95.15 (+0.42%)Russell 20002,442.35 +5.87 (+0.24%)VIX16.29 +0.01 (+0.06%)Gold3,890.30 +17.10 (+0.44%)PortefeuilleConnectez-vous pour accéder à votre portefeuilleSe connecterLes plus performantsFLNC Fluence Energy, Inc. 13.45 +2.65 (+24.54%)MENS Jyong Biotech Ltd. 47.86 +8.48 (+21.53%)QS QuantumScape Corporation 14.59 +2.27 (+18.43%)AES The AES Corporation 15.37 +2.21 (+16.79%)ASTS AST SpaceMobile, Inc. 56.94 +7.86 (+16.01%)Les moins performantsWIX Wix.com Ltd. 153.79 -23.84 (-13.42%)WOLF Wolfspeed, Inc. 24.83 -3.77 (-13.18%)RDDT Reddit, Inc. 202.60 -27.39 (-11.91%)SLNO Soleno Therapeutics, Inc. 60.12 -7.48 (-11.07%)CTVA Corteva, Inc. 61.47 -6.16 (-9.11%)Les plus liquidesPLUG Plug Power Inc. 2.9300 +0.6000 (+25.75%)SNAP Snap Inc. 7.71 0.00 (0.00%)OPEN Opendoor Technologies Inc. 8.06 +0.09 (+1.13%)NVDA NVIDIA Corporation 187.24 +0.67 (+0.36%)INTC Intel Corporation 35.94 +2.39 (+7.12%)Événements concernant les bénéficesÉvénements concernant mes bénéficesÉvénements concernant les bénéficesActions du momentQS QuantumScape Corporation 14.59 +2.27 (+18.43%)SMCI Super Micro Computer, Inc. 52.39 +4.45 (+9.28%)INTC Intel Corporation 35.94 +2.39 (+7.12%)FRMI Fermi Inc. 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