[The U.S. SEC Determines DePIN Tokens Are 'Essentially' Outside Its Jurisdiction] According to a report by Golden Finance, the U.S. Securities and Exchange Commission (SEC) has stated that it will not take enforcement action against tokens related to blockchain-based decentralized physical infrastructure networks (DePIN). In a 'No-Action Letter' issued on Monday, Michael Seaman, Chief Counsel of the SEC's Division of Corporation Finance, indicated that for the token planned to be launched by the DePIN project DoubleZero, he 'would not recommend enforcement action to the SEC.' SEC Commissioner Hester Peirce separately added, 'The economic substance of DePIN projects is fundamentally different from the financing transactions Congress has authorized this Commission to regulate.' This rare 'No-Action Letter' from the SEC is the latest example of the agency scaling back enforcement in the cryptocurrency sector during the Trump administration—a move the current administration has pledged to continue in order to attract businesses and projects to the U.S.