Today’s no-action letter from the Division of Corporation Finance concerning DoubleZero’s token distributions designed to facilitate the programmatic functioning of a decentralized physical infrastructure network (i.e., DePIN) offers an opportunity to reflect on how we, as regulators, can foster innovation without expanding our reach beyond what Congress has mandated. Congress created the Securities and Exchange Commission to oversee the securities markets, not to regulate all economic activity. DePIN represents a novel way of organizing human behavior and capital resources. Rather than relying on centralized ... (full story)