On June 10, 2025, the decentralized payment protocol project FusionPay officially submitted its core governance token FTE (Fusion Token for Ecosystem) white paper to the Crypto Asset and Cyber Unit of the U.S. Securities and Exchange Commission (SEC). The document has been formally received by the SEC and is publicly displayed on its official website for free access by the public, institutions, and regulators, becoming another iconic case in the global Web3 compliance path.
As the governance token in FusionPay's three-token model, FTE is primarily used for community governance, incentive distribution, and ecological participation at the protocol level, without involving any form of financing commitment or investment return rights. In the submitted white paper, the FusionPay team systematically demonstrated the legal logic that FTE does not constitute a security based on the four criteria of the Howey Test in U.S. securities regulations. Specifically, this includes:
FTE was not issued through a public fundraising;
Holders have no expectation of profit;
Its value does not depend on the efforts of others;
It does not represent shares in a company or any form of dividend entitlement.
Additionally, the white paper detailed the three-token collaborative model constructed by FusionPay: the interrelationship and functional division between FTS, FTX, and FTE. Among them, FTS serves as the payment and burn token within the protocol, ensuring the sustainability of system operations; FTX undertakes growth incentives and ecological expansion functions; while FTE acts as a governance hub, connecting long-term governance, incentive distribution, and risk control mechanisms, forming an ecological structure that embodies efficiency, fairness, and the spirit of decentralization.
The core team of FusionPay stated that as Web3 projects gradually move towards the global mainstream market, "compliance" should not be seen as a passive response but should become one of the foundational capabilities of protocol design. Only by actively engaging with regulatory language can long-term trust from users, capital, and institutions be truly established beyond technological trust.
The proactive disclosure of the white paper to the SEC is not only a public expression of the project's governance philosophy but also reflects FusionPay's firm stance in exploring the path of "technological innovation and regulatory collaboration" on a global scale.
As of the time of publication, the white paper has officially launched on the SEC's crypto asset page and serves as an important foundational document for FusionPay's upcoming international layout and improvement of ecological governance mechanisms. The industry generally believes that this move is not only a key step for FusionPay in achieving "technological confidence" to "compliance awareness," but also provides a valuable reference model for more Web3 projects.
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