TL;DR
- The SEC issued a no-action letter to DoubleZero, confirming that the 2Z token will not be treated as a security and does not require registration under Section 12(g).
- Hester Peirce backed DoubleZero’s DePIN model, noting that tokens are distributed as payment for infrastructure services rather than as investments.
- The 2Z token will debut on October 2 on Binance Alpha and Binance Futures, with a limited airdrop and staking, in a key boost for Solana and DePIN networks.
The U.S. Securities and Exchange Commission (SEC) has issued a no-action letter to DoubleZero, validating the design and distribution of its 2Z token.
The regulator confirmed that programmatic transfers of the asset will not be treated as securities transactions and that it does not require registration under Section 12(g) of the Exchange Act. The decision, dated September 29, represents the SEC’s first public acknowledgment of a token tied to decentralized physical infrastructure networks (DePIN) outside the framework of traditional securities.
The ruling, signed by Michael P. Seaman, chief of the Division of Corporation Finance, states that the conclusion is limited to the facts presented by DoubleZero and that other projects could receive different treatment. The regulator chairman emphasized that the agency is not seeking to extend its reach to all digital assets, but rather to those that clearly fall within the definition of securities.
The structure of 2Z was central to the decision. The token does not grant ownership rights or dividends; instead, it is used for value transfer, incentives, and network protecttion. Following the letter’s release, Commissioner Hester Peirce issued a statement supporting DoubleZero’s model and framing it within the DePIN category.
SEC Sets Clear Definitions for DePIN
She explained that these projects distribute tokens as compensation for infrastructure services — such as bandwidth, storage, or energy — and not as investment instruments under the Howey Test. In her view, treating them as securities would stifle innovation and force blockchain technology into frameworks designed for financial markets.
For DoubleZero, the decision validates four months of engagement with the SEC and provides legal certainty to contributors and users. The industry views it as a signal that regulators are beginning to distinguish between speculative tokens and those with tangible utility. Solana welcomed the ruling by announcing that DoubleZero will build a dedicated fiber network to overcome internet latency limits.
2Z to Debut on Binance on October 2
BRRR DAO argued that this precedent brings crypto projects closer to traditional financing sources, from bank loans to institutional capital, in a process comparable to XRP in 2020 — with the key difference that approval came before the launch.
The 2Z token will debut on Binance Alpha and Binance Futures on October 2, alongside a limited airdrop and staking program. This announcement marks a turning point for Solana’s ecosystem and for the development of DePIN networks in the United States
