- SEC Commissioner Hester Peirce has signaled strong support for DePIN projects and RWA tokenization, clarifying that functional DePIN tokens are not securities and encouraging developers to engage with the commission.
- This pro-innovation stance provides regulatory clarity and opens the door for projects like DoubleZero, Filecoin, and The Graph to scale while remaining compliant.
US SEC Commissioner Hester Peirce has signaled strong support for innovative crypto projects, including decentralized physical infrastructure networks (DePIN) and real-world asset (RWA) tokenization.
Speaking at the Digital Assets Summit in Singapore, Peirce emphasized that the commission is willing to engage with developers working on these emerging technologies, aiming to foster innovation while ensuring compliance with securities laws.
SEC Support for DePIN Innovation
Peirce highlighted DePIN as a novel method for organizing human behavior and capital through distributed peer-to-peer networks. Projects like DoubleZero exemplify this model, offering real-world services such as storage, telecommunications bandwidth, mapping, and energy provision in decentralized ways.
Importantly, the SEC clarified that DePIN tokens function as incentives rather than securities.
“These tokens are not intended for investment purposes but serve as functional rewards for participants providing infrastructure or services,” Peirce explained. This distinction means DePIN projects do not satisfy the Howey Test, which determines whether a token qualifies as a security.
Tokens are distributed to compensate work or services, rather than to fund development for investors expecting profits. As a result, infrastructure providers can focus on building networks without being mired in complex securities compliance issues.
Top DePIN projects such as Bittensor (TAO), RENDER, Filecoin (FIL), and The Graph (GRT) are likely to benefit from the SEC’s pro-crypto approach. The commission’s no-action letters, including one addressing DoubleZero’s token distributions, demonstrate a willingness to protect innovation while maintaining investor safeguards.
Encouraging RWA Tokenization
Peirce also highlighted the SEC’s positive stance on RWA tokenization, which involves converting physical assets into tokenized forms on blockchain networks. The SEC Crypto Task Force has engaged with numerous companies, including Wintermute, to ensure these projects operate in a regulated environment.
By fostering collaboration rather than imposing immediate enforcement, the commission aims to provide clarity for projects that bring real-world assets onto the blockchain.
We are willing to work with people who want to tokenize; we urge them to come talk to us,
Peirce said.
Her remarks indicate that the SEC sees tokenization as a transformative technology for the financial sector, enabling new forms of investment, liquidity, and operational efficiency.
Implications for the Crypto Ecosystem
The SEC’s approach represents a shift toward regulatory cooperation and innovation support. For DePIN and RWA tokenization projects, this opens opportunities to scale operations while remaining compliant with U.S. securities laws.
Investors and developers can now operate with greater confidence, knowing that functional tokens and tokenized real-world assets are receiving clear guidance and regulatory recognition.
With the SEC fostering dialogue and offering structured pathways, the U.S. may soon see broader adoption of DePIN networks and tokenized real-world assets, signaling a significant milestone for crypto infrastructure and market evolution.
