On November 25, the U.S. Securities and Exchange Commission issued a no-action letter regarding Fuse, a Solana-based DePIN project, signaling the agency will not pursue enforcement action tied to the token’s offering. The move marks the second instance under new leadership indicating a potentially softer regulatory stance toward crypto projects.
Meanwhile, the United Arab Emirates advanced a new DeFi and Web3 regulatory framework under Federal Law No. 6, asserting regulatory oversight by the central bank and rejecting the notion that code alone can avoid compliance. The law could impose penalties up to approximately $272.3 million for unauthorized activities, though it does not ban self-custody wallets.
Paxos announced the acquisition of Fordefi for over $100 million to consolidate stablecoin, tokenization, and on-chain custody capabilities on a single platform. The deal aligns with a broader DeFi integration trend and could bolster Paxos’s regulatory infrastructure moat.
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