Innovation in blockchain is receiving rare encouragement from within the U.S. Securities and Exchange Commission.
Commissioner Hester Peirce has underscored the potential of decentralized physical infrastructure networks (DePIN) and real-world asset (RWA) tokenization, describing both as areas where regulation should encourage rather than restrict progress.
Her remarks, delivered virtually at the Digital Assets Summit in Singapore, emphasized that networks rewarding participants for contributing real-world services—such as bandwidth, mapping data, or renewable energy—should not automatically be lumped into the category of securities. Peirce argued that these models provide functional rewards tied to work performed, which separates them from speculative investment schemes.
The timing of her comments coincides with the SEC’s Division of Corporation Finance issuing a no-action letter in relation to DoubleZero, a DePIN project distributing tokens to participants. The letter clarified that the distributions did not qualify as securities offerings, removing a potential regulatory obstacle for builders. The decision suggests that projects like Filecoin, Render Network, Bittensor, and The Graph may find a more favorable climate as they continue developing decentralized infrastructure.
Beyond DePIN, Peirce highlighted tokenization of traditional assets as another frontier the SEC is prepared to engage with. She noted that the agency’s dedicated Crypto Task Force has been meeting with firms experimenting in this area, including the trading company Wintermute, in an effort to better understand how tokenized securities could operate within established rules.
“We want those working on tokenization to approach us,” Peirce said, stressing collaboration over confrontation. The approach reflects a broader recognition that blockchain-based systems could reshape how financial and physical resources are managed, provided there is regulatory clarity.
Her stance marks a contrast with the SEC’s more combative reputation in the crypto sector and hints at a willingness to foster innovation in technologies that anchor digital assets to real-world value.
