The U.S. Securities and Exchange Commission (SEC) has issued a no-action letter to Fuse Energy, a decentralized energy grid project on the Solana blockchain. The SEC determined that Fuse Energy's token offering does not qualify as an investment contract. This decision is based on the token's value being directly linked to its utility within the network, rather than investor profit expectations. This ruling provides regulatory clarity for Fuse Energy, allowing it to continue its operations without SEC enforcement action.