Fuse Energy wins rare SEC no-action relief for Solana rewards token

The SEC confirmed that Fuse’s ENERGY token does not qualify as a security under federal law, which means Fuse can offer and sell its tokens without registration, as long as the company follows the structure it presented to regulators.

“This landmark is the result of months of productive engagement with the SEC, and Fuse is proud to play a role in pushing forward regulatory clarity for crypto in the United States,” Fuse said in an X post. 

Fuse, which runs distributed-energy programs in the United States and Europe, plans to issue a Solana-based token to households that install or operate resources such as rooftop solar panels, home batteries, and electric-vehicle chargers. The company described the token as a rebate for participation in energy-efficiency programs, not an investment in the business.

In its filing, Fuse explained that redemption value is capped by its profit margins and tied to the average market price at the time consumers use the token, which is intended to limit speculation. Staff concluded the token’s value would not depend on the overall success of Fuse or the Fuse Network, a factor the letter identified as important under the Howey test used to assess whether an asset is a security.

Fuse’s program rewards households that contribute to grid efficiency. According to the company, ENERGY tokens are earned through participation and can be redeemed within limits set by its business model, rather than traded for profit based on company performance.  

The SEC’s decision reflects a more crypto-friendly approach compared with past years.  As we covered previously, the agency’s 2026 examination priorities, published November 18, no longer include a dedicated focus on crypto assets. By contrast, from 2023 to 2025, the SEC specifically highlighted crypto offerings, trading, and spot bitcoin and Ethereum ETFs. The 2026 report instead emphasizes asset management, fiduciary duties, custody, and client information protection, and reviews of automated investment tools, artificial intelligence, and cyber resilience.