The US Securities and Exchange Commission (SEC) has issued a no-action letter indicating it will not pursue enforcement against tokens associated with Decentralized Physical Infrastructure Networks (DePIN). This decision, announced by SEC Division of Corporation Finance chief counsel Michael Seaman, specifically applies to the planned token launch of the DePIN project DoubleZero. The SEC's stance reflects a broader regulatory easing under the Trump administration aimed at attracting blockchain projects to the US. SEC Commissioner Hester Peirce emphasized that DePIN projects differ fundamentally from traditional capital-raising activities, suggesting that these tokens serve as functional incentives rather than securities. The SEC's decision allows projects like DoubleZero to proceed without registering their tokens as securities, facilitating innovation in blockchain infrastructure. DoubleZero's co-founder, Austin Federa, hailed the decision as a milestone for US-based blockchain innovators, while general counsel Mari Tomunen noted it provides a clear path for token launches where value is derived from network participation rather than investment. Peirce further stated that regulating DePIN tokens as securities would hinder the growth of decentralized infrastructure networks. She argued that such tokens are designed to incentivize infrastructure development rather than promise profits from others' efforts, aligning with the SEC's mandate to oversee securities markets without overreaching into broader economic activities.