Hester Peirce Says US SEC Willing to Foster DePIN and RWA Tokenization Projects
Highlights
- US SEC Commissioner Hester Peirce says DoubleZero is an innovative DePIN project.
- DePIN tokens are not securities but functional incentives.
- The commissioner revealed that the SEC supports projects working on RWA tokenization.
US SEC Commissioner Hester Peirce has issued statements declaring the commission’s support for innovative and novel projects such as decentralized physical infrastructure network (DePIN) and real-world asset (RWA) tokenization. This comes amid the commission’s focus on tokenization and addressing security concerns on DoubleZero’s token distributions.
US SEC Commissioner Hester Peirce on DePIN Innovation
Commenting on the decentralized physical infrastructure network (DePIN) technology, SEC Commissioner Peirce said it is a novel way of organizing human behavior and capital resources. DePIN projects collaborate with participants to offer real-world capabilities, such as storage, telecommunications bandwidth, mapping, or energy, through open and distributed peer-to-peer networks.
Today’s no-action letter exemplifies how performing that role can help infrastructure providers spend their time deep in the weeds of building out infrastructure, not knee-deep in parsing the nuances of securities laws.
This comes amid the SEC Division of Corporation Finance’s no-action letter concerning DoubleZero’s token distributions. The commission aims to foster DePIN projects such as DoubleZero and not hinder the innovative projects with an enforcement action. DePIN tokens are not securities, but functional incentives.
DePIN projects do not satisfy the Howey Test. The projects allocate tokens as compensation for work or services offered, rather than investments with an expectation of profit. Also, the projects are not selling or distributing tokens to finance development from investors seeking investment returns.
Top DePIN tokens such as Bittensor (TAO), RENDER, Filecoin (FIL), The Graph (GRT), among others to benefit from the SEC’s latest pro-crypto adoption approach.
SEC on Boosting RWA Tokenization
Hester Peirce also reflected on the RWA tokenization efforts by the US SEC. The commission expressed support for projects working on RWA tokenization. Notably, the SEC Crypto Task Force has met with many companies, including Wintermute, as the agency works towards regulating tokenized securities.
These top RWA crypto projects would benefit from the latest SEC’s stance on fostering tokenization and offering a regulated environment for the projects.
“We are willing to work with people who want to tokenize, we urge them to come talk to us,” said Hester Peirce while speaking virtually at the Digital Assets Summit in Singapore.
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