It’s been another consequential week in Washington and beyond, with U.S. regulators sending mixed but meaningful signs across crypto, AI, and financial policy. From the SEC greenlighting a Solana-based token to the prospect of a crypto-friendly Federal Reserve chair, the regulatory climate is shifting fast—particularly as policymakers grapple with emerging technologies that are outpacing existing frameworks.
The big headline came from the U.S. Securities and Exchange Commission, which issued a no-action letter to Solana-based DePIN project Fuse—an unusual step for a blockchain project looking for clarity around token sales.
Fuse asked the SEC’s Division of Corporation Finance on Nov. 19 to confirm it would not recommend enforcement action over the offer and sale of its FUSE token. The project emphasized that FUSE isn’t pitched as a speculative asset: it’s strictly a network participation token, distributed as a reward to users who maintain the protocol’s decentralized infrastructure. The SEC agreed.
In a letter signed by deputy chief counsel Jonathan Ingram, the regulator stated it would not pursue enforcement “based on the facts presented” if Fuse adheres to the guardrails it outlined.
Additionally, the token can only be redeemed through third-party venues at market rates, showing the SEC’s focus on removing any investment-like characteristics.
This marks the second DePIN-related no-action letter in recent months. While not precedent-setting, the decision is a useful datapoint: when tokens are tightly scoped to utility and distribution is controlled, the SEC appears more open to relief. For projects building real-world infrastructure on-chain, it’s one of the clearest regulatory signs we’ve seen in months.
Crypto markets may soon have a sympathetic voice at the very top of U.S. monetary policy. Kevin Hassett—director of the White House National Economic Council and longtime Trump ally—has emerged as the leading candidate to replace Jerome Powell as Federal Reserve chair.
What’s striking is Hassett’s history with digital assets. He has publicly engaged with the crypto sector, consulted with policy groups connected to the space, and indicated openness to digital-asset innovation.
Trump’s advisers describe him as someone whom the president trusts deeply on interest-rate policy—particularly on the question of cutting more aggressively than Powell. Hassett has also reportedly indicated he would accept the role if selected.
If appointed, this would be the most crypto-friendly Fed chair in U.S. history. While the Fed is not a crypto regulator, its stance on dollar liquidity, stablecoins, and payment systems has enormous downstream effects. A pro-innovation chair could spur greater openness across other agencies—or at the very least, reduce friction.
