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Fuse Energy Token: A Major Win for US Crypto Regulation

Solana DePIN Project FUSE Gets ‘Regulatory Cover’ as SEC Declines Enforcement in Rare Move

SEC okays Fuse’s ENERGY token; no registration needed. Token rewards users for energy-saving, not investment profits. Signals SEC easing on real-world utility tokens. The SEC just handed Fuse Crypto a no action letter on November 24, saying they won’t chase charges. That is over the company’s energy rewards token as long as it sticks to the plan laid out. That means Fuse can sell the token without registering it as a security under the 1933 Act or listing it as equity under the 1934 Act.

Jonathan Ingram from the SEC made it clear the okay is based strictly on Fuse’s facts—if things change, so could the relief. The letter doesn’t say if the token is or isn’t a security, just that enforcement won’t kick in right now.

Fuse’s Token and Why It’s Not a Security Fuse works in clean energy across the U.S., putting in EV chargers, rooftop solar, and grid support gear. Their token, called FUSE or ENERGY, rewards people who join programs easing grid strain, like smart energy use.

Fuse argued it doesn’t fit the Howey Test no money invested for profits from others’ work. Users earn it for their own actions, like consuming energy smarter, not betting on Fuse’s success. The company sees it as a flexible rewards setup for a growing need in decentralized energy.

This is the second such letter lately the SEC gave one to DoubleZero in September for its DePIN token. Under Trump, the agency has shifted: hosting crypto talks, dropping old probes, starting “Project Crypto” to update rules, and working on a token taxonomy to sort securities from non-securities. Chair Paul Atkins pushed for clearer lines on digital assets.

For Fuse, it’s a green light to roll out without heavy registration, focusing on utility over speculation. For the crypto world, it’s a sign the SEC might ease up on tokens tied to real world use, cutting uncertainty after years of gray areas. Still, any slip from the described setup could flip the script fast.

The U.S. Securities and Exchange Commission has granted Fuse Crypto Limited a no-action letter that effectively allows the firm to launch and distribute its FUSE token without being treated as a security under federal law. The decision, issued by the SEC’s Division of Corporation Finance, represents one of the most significant regulatory developments for utility tokens in recent years and provides Fuse with a clear compliance lane for its decentralized-infrastructure network.

According to the SEC’s letter, enforcement staff will not recommend action against Fuse as long as the token is distributed and used according to the parameters the company outlined in its submission. These parameters include limiting the token’s role to network participation, energy-related functions and infrastructure coordination, with no promise of profits based on Fuse Crypto’s managerial or entrepreneurial efforts. The agency specifically emphasized that its conclusion was based entirely on Fuse’s factual representations and that any deviation from these facts may void the relief.

Fuse Crypto’s project centers on a decentralized physical infrastructure network designed to reward users for participating in energy-efficiency programs, grid support, renewable-power integration and similar functions. Because the FUSE token is structured as a unit of utility within this ecosystem rather than as an investment product, the SEC determined that it does not meet the threshold of the Howey test, which governs what constitutes an investment contract under U.S. securities law.

Regulatory implications and impact on the DePIN sector The SEC’s decision is widely viewed as a milestone for the DePIN category, a sector that has grown rapidly but has faced persistent regulatory ambiguity. Many infrastructure-focused tokens operate at the intersection of real-world activity and blockchain incentives, making it challenging for projects to determine whether their tokens fall within securities-law jurisdiction. Fuse’s no-action letter may now serve as a model for other projects seeking similar treatment, particularly those that can demonstrate measurable utility and avoid speculation-driven token models.

Analysts note that the decision signals an increased willingness by regulators to engage with non-speculative token designs. While this does not constitute broad regulatory reform, it does show that the SEC is open to case-specific clarity where a project can demonstrate that a token’s primary function is consumptive rather than financial. For startups building decentralized infrastructure systems related to energy, mobility, data networks or telecommunications, the Fuse case may offer a blueprint for navigating U.S. compliance.

Potential market consequences and considerations for token issuers Market observers believe the relief could accelerate Fuse Crypto’s rollout, attract institutional partners and give confidence to enterprises evaluating energy-efficiency programs tied to blockchain incentives. A clear regulatory perimeter also helps reduce legal risk for participating households, enterprises and grid-service providers that earn or redeem FUSE tokens as part of their operational activity.

However, legal experts caution that the no-action letter is not blanket approval and applies only to the exact facts Fuse presented. Any changes to token economics, distribution, secondary-market behavior or promotional claims could trigger renewed scrutiny. The SEC has historically emphasized that no-action letters are not general precedents and should not be interpreted as broad exemptions for the wider industry.

Even so, the decision marks a rare moment of legal clarity for a sector accustomed to navigating uncertain regulatory terrain. As the DePIN category continues to grow, more projects may be encouraged to approach the SEC proactively, demonstrating verifiable utility and compliance-ready design.

In summary, the SEC’s relief for Fuse Crypto stands as a notable advancement for real-world-use tokens. By distinguishing utility from speculation, regulators have opened the door to more structured engagement with decentralized infrastructure networks and signaled a potential shift toward a more nuanced regulatory environment for crypto innovation.

Could the Fusaka Upgrade Light the Fuse for a Pectra-Like 56% Ethereum Price Rally?

Fuse Energy raises $70 million in Series B funding, valuing the company at $5 billion.

The week of December 14-20, 2025, recorded $335.1 million in crypto VC funding across 18 projects.

As per the data, RedotPay’s $107 million Series B round led a year-end funding period. Here’s a comprehensive breakdown of this week’s crypto funding activity as per Cryptofundraising data:

RedotPay Raised $107 million in a Series B round RedotPay is a Hong Kong-based stablecoin payment fintech firm Investment was backed by Goodwater Capital, Pantera, and Blockchain Capital The project has raised $194 million so far https://twitter.com/RedotPay/status/2000928974357024904

Fuse (Project Zero) Fuse secured $70 million in a Series B round Fully diluted valuation of $5 billion Investors include Lower Carbon and Balderton Capital The project has raised $160 million so far METYA Raised $50 million in a Strategic round Metya is an AI-driven Web3 dating platform Investment was Backed by Century United Holdings Group, Castrum Capital, and Zibra Capital Olea Olea gathered $30 million in a Series A round Olea is a fully digital trade finance platform Investors include BBVA, XDC, and The Dock Projects under $15 million funding DAWN (Andrena), $13 million in a Series B round ETHGAS, $12 million in a seed round YO Protocol (YO Labs), $10 million in a Series A round Speed, $8 million in an unknown round SocialGood, $5.6 million in a Series B round HolmesAI, $5 million in a strategic round worm wtf, $4.5 million in an unknown round Harbor DEX, $4.2 million in a seed round Football Fun, $3 million in a public sale Space, $3 million in a seed round Strata, $3 million in a seed round Rainbow, $3 million in a public sale with a $100 million fully diluted valuation DeepBook AI, $2 million in an unknown round Moto, $1.8 million in a pre-seed round Read last week’s VC funding coverage here.

Fuse Energy is a London-based energy company building a vertically integrated power business and a blockchain-based incentive system to manage electricity demand, distributed energy resources, and grid stress. It combines renewable generation, retail supply, hardware installation, and a tokenized coordination layer called The Energy Network, powered by the Energy Dollar ($ENERGY).

What Problem is Fuse Energy Trying to Solve?Electricity demand is rising fast. AI data centres, electric vehicles, and home electrification are pushing grids harder each year. At the same time, many energy suppliers rely on outsourced generation, third-party trading desks, and fragmented installers. This setup adds cost, slows innovation, and exposes consumers to volatile prices.

Fuse Energy argues the system itself is the problem.

The company points to several structural issues:

Power grids were designed for large, centralised fossil fuel plants, not local solar or batteriesRenewable projects face long grid connection delays, sometimes over 10 years in the UKConsumers struggle with high upfront costs and complex installation processes for solar and batteriesEnergy suppliers often lack direct control over generation and demand responseAccording to Ofgem, the energy regulator for Great Britain, UK electricity demand could rise 64% by 2035. At the same time, global AI workloads could consume up to 3–4% of global electricity by 2030, up from about 1% today. Fuse Energy’s view is that cheaper renewables alone are not enough if the grid and incentives remain misaligned.

Who Founded Fuse Energy?Fuse Energy was founded in 2022 by Alan Chang and Charles Orr, both former executives at Revolut.

Chang previously served as Revolut’s chief revenue officer, while Orr held senior operational roles. Their background is not in utilities but in scaling fintech products with tight cost control and full-stack ownership.

They applied the same thinking to energy. Instead of outsourcing generation, trading, and installations, Fuse chose to own the entire chain. The goal was to remove middlemen and move faster than traditional suppliers.

How Does Fuse Energy Work?Fuse Energy operates as a licensed electricity retailer, generator, trader, and distributed energy resource installer. This means it controls power from production to delivery.

The company’s model includes:

Building and owning renewable assets such as solar farmsSupplying electricity directly to householdsTrading power internally rather than via third partiesInstalling solar panels, batteries, and EV chargers in homesDeveloping consumer hardware, including micro solar-battery kitsFuse says this vertical integration cuts costs by about 10% compared to incumbents. UK households on Fuse tariffs have reportedly saved up to £200 per year compared to the price cap.

In 2024, Fuse built its first solar farm in Hampshire. By late 2025, the company reported serving more than 200,000 households and generating between $300 million and $400 million in annual recurring revenue, with roughly 8x year-on-year growth.

Why is Fuse Energy Compared to Octopus Energy?Octopus Energy is the UK’s largest challenger supplier, with around 10 million customers globally. It relies heavily on third-party generation and focuses on software licensing.

Fuse Energy takes a different approach.

Instead of focusing on energy software alone, Fuse builds and owns assets across the stack. It also installs distributed energy resources directly, rather than relying on partner networks.

Worth noting, the UK energy crisis of 2021–2022 showed how fragile supplier models can be. Around 30 suppliers collapsed due to exposure to gas prices and weak balance sheets. Regulators later introduced capital adequacy rules to prevent repeats.

Fuse claims its model allows tighter risk control and faster product launches. Investors appear to agree.

How much funding has Fuse Energy raised?Fuse Energy has raised significant capital in a short time.

Key funding milestones include:

Early backing from Accel, Lakestar, Creandum, Ribbit, and othersA previous round of about $100 millionA recent round of roughly $70 million led by Balderton Capital and Lowercarbon CapitalThe latest round values Fuse at about $5 billion, compared to Octopus Energy’s $9 billion valuation despite Octopus being much larger.

Lowercarbon Capital, led by Chris Sacca, focuses on climate-related infrastructure. Balderton was an early investor in Revolut and backed Fuse early as well.

What is The Energy Network?The Energy Network is Fuse Energy’s blockchain-based coordination layer for managing distributed energy resources and flexible demand.

It is designed to connect millions of small energy assets, such as:

Home solar panelsBatteriesSmart EV chargersFlexible household demandThese assets are often called distributed energy resources, or DERs. When coordinated, they can reduce grid stress, lower peak prices, and improve reliability. Large coordinated groups of DERs are sometimes referred to as virtual power plants.

The Energy Network aims to automate incentives for this coordination using a native token.

What is the Energy Dollar ($ENERGY)?The Energy Dollar is the native token of The Energy Network. It is a utility token, not a memecoin, and is used to reward actions that help balance the grid.

The token rewards users for:

Connecting DERs to the networkShifting electricity usage away from peak price periodsProviding flexibility during periods of grid stressRewards are earned based on real-world value. For example, shifting demand in a high-price region during peak hours earns more than shifting demand in a low-price region during off-peak hours.

Users can burn Energy Dollars to receive discounts on Fuse products and services, such as:

EV chargersBattery installationsSolar installationsLater, possibly energy bills and public EV chargingBurning permanently removes tokens from circulation, creating a deflationary effect over time.

How Does Energy Dollar Tokenomics Work?The Energy Dollar tokenomics are designed around long-term grid participation rather than short-term trading. Of the 10 billion tokens, 60.8% is allocated to network operations, 13.8% to the team, and 25.4% to investors.

Key points include:

Maximum supply capped at 10 billion tokensTokens minted gradually from 2025 to 2050Up to 5 billion tokens can be burnedRewards distributed over a 25-year scheduleNo team or investor unlocks in the first yearAfter the first year, team and investor tokens unlock in stages:

20% unlock at 12 months20% at 15 months20% at 18 months20% at 21 months20% at 24 monthsRewards are calculated using a pro-rata formula based on the value contributed during a given period. Higher-value actions earn higher rewards.

Energy Dollars will be listed on third-party exchanges to allow price discovery. This enables large DER owners to sell tokens to users who want discounts on energy hardware or services.

Why is the Energy Network Built on Solana?The Energy Dollar is deployed on the Solana blockchain using the SPL token standard.

According to the Fuse Energy team, Solana was chosen for several reasons:

Low transaction feesHigh throughput suitable for millions of usersStrong security modelNative token controlsSolana’s consensus design allows scaling with limited increases in energy consumption, which aligns with the project’s goals. All smart programs will be audited before deployment.

Users interact with Energy Dollars through a self-custodial wallet embedded in Fuse’s web and mobile apps. Tokens can also be transferred to external wallets for use across the Solana ecosystem.

How does Fuse Energy plan to scale?Fuse plans to expand beyond the UK into Europe, the United States, and other markets where regulation allows.

Its advantages include:

Existing licences as a retailer, generator, and installerExperience building utility-scale renewablesIn-house installation teamsA ready-made incentive layer through the Energy NetworkThe company also plans to launch consumer hardware, including low-cost solar and battery kits designed for faster deployment and simpler installation.

The Energy Network is scheduled to begin rolling out features such as off-peak rewards under a program called The Energy Network in early 2026.

What does this mean for consumers?For households, Fuse Energy’s model combines lower electricity prices with optional participation in demand flexibility.

Consumers can:

Pay less for electricity through vertically integrated supplyEarn rewards for shifting usage, even without owning solar or batteriesUse rewards to reduce the cost of future energy hardwareFor the grid, coordinated DERs reduce peak demand, which lowers system costs for everyone.

ConclusionFuse Energy combines traditional energy operations with a blockchain-based coordination system. By owning generation, supply, installations, and incentives, it reduces reliance on third parties and aligns costs with grid needs.

The Energy Network and Energy Dollar provide a structured way to reward demand flexibility and DER participation at scale. Together, they form a vertically integrated energy model designed for modern electricity demand, without relying on speculative narratives or promotional claims.

ResourcesFuse energy on X: Posts (November 2025 - December 2025)

Fuse Energy Website: General info

Ofgem report: Preparing for a faster, more efficient electricity connections process

Fuse Energy whitepaper: About Fuse Energy

Report by Financial Times: UK start-up Fuse Energy nears new funding at $5bn valuation

Rubio: US and Iran to continue technical consultations at the end of this month

Multiple foreign media outlets reported on the 24th that US Secretary of State Rubio said technical teams from the United States and Iran will hold further talks in Switzerland by the end of June. (Xinhua News Agency)

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Over the past 24 hours, total crypto market liquidations hit $606 million, with more than 130,000 traders liquidated.

According to Coinglass data, the global cryptocurrency market recorded $606 million in liquidations over the past 24 hours, including $542 million in long-position liquidations and $68.22 million in short-position liquidations. A total of 135,785 traders worldwide were liquidated in the same period, with the largest single liquidation order occurring on Binance’s BTCUSDT trading pair, valued at $12.0111 million.

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Bitcoin falls below $60,000

According to HTX market data, Bitcoin has fallen below $60,000, with a 4.3% drop in the past 24 hours.

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US Treasury Secretary: AI boom may boost productivity and help curb inflation.

US Treasury Secretary Bessent told CNBC in an interview that he hopes the Federal Reserve will remain "open-minded" about the inflation pattern after the reversal of Iran-related energy price hikes. Bessent noted that the U.S. could enter an economic environment marked by high GDP growth without a corresponding rise in traditional inflation. He cited that in the 1990s, Alan Greenspan foresaw that office modernization and the internet could drive non-inflationary growth, and allowed the economy to keep expanding. Bessent believes the U.S. has a strong chance of seeing a similar scenario again. When asked whether the Fed still needs to worry about potential inflation and whether interest rate cuts are possible this year or next, Bessent declined to comment. However, he argued that it is necessary to stay open-minded about the price or inflation impacts from the Iran conflict, and monitor inflation performance after those effects subside. Bessent also said an open mind is needed, as the AI boom could boost productivity and deliver disinflationary effects, helping inflation return to the Fed’s target level. He added that he believes Kevin Warsh will choose the optimal path that meets both the Fed’s inflation and growth mandates. Bessent also noted that Warsh previously took a hawkish stance on inflation.

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US stocks' intraday storage sector sees broad declines, with Western Digital and Seagate Technology both falling over 4%.

According to Bitget data, during U.S. stock trading hours, the storage sector saw broad declines: Western Digital (WDC) fell 4.47%, Seagate Technology (STX) dropped 4.17%, SanDisk (SNDK) declined 2.31%, and Micron Technology (MU) edged down 0.96%. Most optical communication concept stocks rose, with Corning (GLW) leading the gains at 9.75%, followed by Ciena (CIEN) up 3.24%, Coherent (COHR) rising 2.93%, Lumentum (LITE) gaining 2.61%, and Nokia (NOK) advancing 1.82%. Additionally, Marvell Technology (MRVL) fell 2.59% and Applied Optoelectronics (AAOI) declined 1.90%.

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During intraday trading in U.S. stocks, crypto-related concept stocks fell broadly, with MSTR dropping more than 7%.

According to Bitget market data, the three major U.S. stock indexes rose broadly: the Dow Jones Industrial Average gained 0.94%, the S&P 500 increased 0.60%, and the Nasdaq rose 0.63%. Crypto-related stocks fell across the board, with declines as follows: Strategy (MSTR) down 7.33%; Circle (CRCL) down 4.35%; Bitmine (BMNR) down 3.97%; Coinbase (COIN) down 3.73%; Robinhood (HOOD) down 3.70%; Gemini (GEMI) down 3.27%; Bullish (BLSH) down 3.25%; Sharplink (SBET) down 3.19%.

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Colombia President Gustavo Petro’s Polarized Remark Turns Gemini AI Op-Ed Into Election Firestorm