SEC’s DoubleZero No-Action Letter: What It Means for Crypto Law

The SEC is increasingly pro-crypto now. On September 29 2025, the SEC’s Division of Corporation Finance issued no-action relief to the DoubleZero Foundation, clearing its planned token distributions from the registration requirements of Section 5 of the Securities Act and Section 12(g) of the Exchange Act. This puts DoubleZero alongside projects such as TurnKey Jet, Pocketful of Quarters, and IMVU, a small group that has received similar relief for token distributions with clear, functional use cases.