In the fast-paced world of crypto, regulatory wins can feel like rare gems—especially when they involve innovative projects on blockchains like Solana. Recently, Kyle Samani, the Managing Partner at Multicoin Capital, took to X (formerly Twitter) to share some exciting news about one of their portfolio companies. In his post, Samani highlighted that the U.S. Securities and Exchange Commission (SEC) had issued a No-Action Letter to Fuse Energy for their native utility token, $ENERGY.

For those not deep in the regulatory weeds, a No-Action Letter is essentially the SEC's way of saying, "We're not going to come after you if you do things this way." It's not full approval, but it's a green light that the token isn't being treated as a security under U.S. laws like the Securities Act of 1933 or the Exchange Act of 1934. This is huge because it helps projects operate without the constant fear of enforcement actions, paving the way for more innovation.

The Fuse Energy Announcement

Fuse Energy, a full-stack energy company building on Solana, announced the milestone in their own post. They described $ENERGY as the "native utility token for The Energy Network," designed to incentivize users to optimize energy usage and contribute to a more efficient grid. The project aims to create "energy superabundance" by coordinating distributed energy resources (DERs) like smart home devices, EV chargers, and batteries.

According to Fuse, this No-Action Letter came after months of engagement with the SEC. It's a testament to their commitment to compliance while pushing boundaries in decentralized physical infrastructure networks (DePIN)—a sector that's all about using blockchain to manage real-world assets like energy grids.

What Makes $ENERGY Tick?

Diving into the details from Fuse's whitepaper, $ENERGY isn't your typical speculative token. It's got a capped supply of 10 billion tokens, emitted over 25 years starting in 2025. Users earn tokens by participating in the network—think shifting your energy consumption to off-peak times when renewables are plentiful, or making your DERs available for grid optimization.

The real utility shines in redemption: You can burn $ENERGY tokens (permanently removing them from circulation) to get discounts on Fuse hardware and services, like EV chargers or solar kits. This creates a deflationary mechanism, potentially reducing the supply to as low as 5 billion tokens over time. Importantly, the token is deployed as a fungible SPL token on Solana, chosen for its speed, low fees, and scalability.

Fuse emphasizes that $ENERGY is for consumptive use, not investment. Marketing materials make it clear there's no promise of profits, and rewards are tied directly to verifiable energy actions, not speculative hype.

Another Win for Multicoin and Solana

Samani's tweet called this "another" No-Action Letter for a Multicoin portfolio company, nodding to the recent success of DoubleZero (2Z), another Solana-based DePIN project. In September 2025, the SEC granted no-action relief to DoubleZero, confirming their token distributions wouldn't trigger securities laws. This pattern suggests the SEC is warming up to utility-focused tokens in DePIN, especially when they're structured to avoid investment-like features.

For Solana enthusiasts, this is particularly bullish. The blockchain's high throughput and low costs make it ideal for real-world applications like energy coordination, where transactions need to be fast and cheap. As more projects like Fuse and DoubleZero gain regulatory nods, it could attract bigger players to Solana, indirectly benefiting the ecosystem's meme tokens by increasing overall liquidity and adoption.

Implications for the Broader Crypto Space

This development isn't just about energy—it's a signal of maturing crypto regulation in the U.S. By engaging productively with the SEC, Fuse is helping build momentum for clarity, which has been a sore point for the industry. For meme token creators and traders, clearer rules mean less uncertainty. While memes thrive on virality and community, regulatory headwinds have often clipped their wings. Wins like this could open doors for hybrid models where utility meets fun, potentially leading to more sustainable meme projects on chains like Solana.

If you're into DePIN or Solana-based tokens, keep an eye on Fuse. Their Energy Network page has more on how to get involved, from earning rewards to burning tokens for perks. As always, do your own research—crypto moves fast, and regulations can shift.

Stay tuned to Meme Insider for more updates on how regulatory shifts are shaking up the meme and utility token landscapes.