Introduction
In recent years, Decentralized Physical Infrastructure Networks (DePINs) have emerged as one of the most remarkable innovations where blockchain technology interacts with the physical world.
DePIN projects aim to organize physical resources such as wireless networks, storage solutions, GPU power, energy generation and sensor networks with blockchain-based incentive and governance mechanisms.
In particular, the US Securities and Exchange Commission’s (SEC) “no-action” approach to DePIN projects (i.e., that the SEC does not consider a particular token or project to be a security in its current form and therefore will not impose sanctions for the time being) adds a new dimension to this issue.
DePIN Concept and Basic Principles
DePIN is a model that integrates real-world physical infrastructure elements (hotspot devices, storage nodes or energy units) into networks through blockchain-based tokenization. Participants are incentivized with token rewards based on the quantity and quality of the service they provide. This model differs from Web2 infrastructure investments by distributing ownership, preventing monopolization and reducing scaling costs.
Basic mechanisms:
- Incentivization: Token rewards are used to increase participants’ participation in the network.
- Verification: Reliable verification of data is ensured.
- Economic markers: The economic balance of the network is established through mechanisms such as staking, slashing and pricing.
- Protocol automation: A transparent and automated governance model is implemented through smart contracts.
Leading Projects in the DePIN Ecosystem
Among the pioneering projects in the DePIN field, Helium (HNT) stands out with its hotspot-based coverage for IoT, while Filecoin (FIL) sets an important example with decentralized storage solutions. In addition, projects such as Render, Akash, Pocket Network, Arweave expand DePIN’s vision with solutions focused on GPU sharing, computing power and data access.
SEC’s Regulatory Approach
By 2025, the SEC announced a “no-action” approach to certain DePIN tokens, stating that these tokens may not be automatically subject to securities status. This approach has partially reduced the uncertainty for projects where the nature of the investment contract under the Howey test is disputed.
This approach of the SEC, in particular, emphasizes the functionality of DePIN tokens on the basis of the service/reward mechanism, and paves the way for their differentiation from tokens marketed on the basis of investment expectations. However, this approach is not a binding law, but a policy that should be evaluated on a project-by-project basis.
Possible Reflections of the SEC Decision on the DePIN Ecosystem
In terms of market dynamics, reduced regulatory risk may increase investor confidence, making it easier for institutional funds to access DePIN projects. In addition, a more secure incentive environment may increase the participation of node operators and contribute to the expansion of the network.
On the legal and regulatory front, the SEC’s decision, while not fully binding, could set a guiding precedent for the industry.
In terms of tokenomics and operational impacts, projects can be expected to reconfigure their token economies to be more service-oriented. Incentive models based on hardware investments and node quality may also become increasingly important.
In terms of technology and institutional impacts, the integration of telecom and data center companies into DePIN networks is likely to accelerate. In addition, increased investment may contribute to the establishment of safety and performance standards and greater standardization in the market.
Conclusion and Evaluation
DePIN projects are initiatives that have the potential to make innovative contributions to the infrastructure economy by organizing physical infrastructure in a decentralized manner. In 2025, the “no-action” approach announced by the SEC may trigger new capital flows and faster progress of projects in this area. However, this approach does not provide a final legal assurance to the projects, and each token and business model should be evaluated individually.
In conclusion, the DePIN ecosystem is at a critical threshold due to both technological innovation and regulatory uncertainty. Therefore, it is important for the sustainable growth of the ecosystem that investors conduct risk analysis and project developers carefully plan their legal and technical compliance strategies.
