September 30, 2025
Welcome to the Meridian Update, your daily on-chain report. Let’s dive in.
Time to SEC what’s happening in regulatory, again, again, again, again…
2025 has been a big one for regulatory news that impacts what can happen on-chain. We still have not figured out why this year has been so different from 2024…just kidding, obviously it’s the Trump Administration.
Crypto Twitter was buzzing from yesterday’s news out of the Securities and Exchange Commission (SEC) Division of Corporation Finance. DoubleZero is building a global private fiber network to enhance blockchain data transmission efficiency (we actually have not figured out what this means). People in blockchain know it for reasons including a founder who came from a long tenure in a communications role at the Solana Foundation (the Solana Foundation is important because Solana is one of the large blockchain networks).
So what was the news? All you have to do to find out is to read the no-action letter directly from…bahahahah of course not, we’re kidding, it is basically gibberish. No, no. Much better is to read some quotes from a DoubleZero founder’s tweet. “Today is a monumental day for crypto in America,” the tweet began. Specifically, the letter, “confirmed that the DoubleZero Networks’ native token (2Z) flows to contributors of the network are not subject to [securities registration].”
Why is this big news? Why was Crypto Twitter buzzing? Why was this a “monumental day”? Future longtime readers will understand it quite plainly. The on-chain world does not want the US government to say that blockchain network tokens are securities. If the US government says something is a security, that something comes with a wealth of restrictions, requirements, regulatory risks, etc. Broadly, the on-chain world believes these are worse than what comes with being something other than a security. A Very Official Letter said a Shares Similarity with Other Tokens token is not a security. Hence the buzz.
So what does this really mean for on-chain world? Absolutely not, it’s only Tuesday, you will need to read this every day for years and then and only then will we you understand.
Funny things happen with DATs
There is a thing called digital asset treasury (DAT) companies. We can’t promise much, but we really feel like we can promise that we will have many, many, many, many, many, many, many…ok sorry…many opportunities to explain what they are. For today, we will just say that DATs some times cause funny things to happen.
There is a company called Helius that some people in the on-chain world know about. In simple terms, Helius helps other companies tap into the Solana network. A lot of companies use it.
In 2019, Helius Medical Technologies, Inc. was a “neurotech company focused on neurological wellness...” As recently as early September of this year, Helius Medical Technologies, Inc.’s investor relations website still looked like an investor relations website for a publicly traded company building something in medicine. Then all of the sudden it didn’t. It was becoming a DAT.
So of course some people wondered whether this Helius DAT had anything to do with the other Helius. That would probably be pretty annoying if you ran Helius and then people asked you whether you run the new Helius.
Well, the nightmare is ending. Helius Medical Technologies, Inc. will become “Solana Company” now. What will this DAT do? It will be a DAT. It will focus on Solana. Its NASDAQ ticker is HSDT.
That’s a wrap
It was another run of regulatory and DAT in the on-chain world. We’ll see you tomorrow.
Think we missed something today? Email ideas@meridianupdate.com.