In a recent move, on April 22, 2025, Chiliz met with the U.S. SEC in Washington to discuss re-entering the American market.
The sports-focused crypto platform presented a draft no-action letter, outlined its fan token model, and proposed a $50–100 million investment.
Representatives from The Digital Chamber and law firm Zuber Lawler LLP also joined the meeting.
Background of the Exit
Chiliz withdrew from the U.S. in 2022. Regulators’ unclear stance on digital assets and the fallout from FTX’s collapse prompted the decision. With fan tokens gaining ground abroad, Chiliz paused its American push until rules became clearer.
Drafting the No-Action Letter
In its SEC proposal, Chiliz argued that fan tokens should not count as securities. The tokens give holders voting rights in club decisions, access to rewards, and other perks, without promising profit. The company asked for guidance on how to launch tokens under U.S. law.
Chiliz aims to relaunch around the 2026 FIFA World Cup. The firm plans to pump $50 million to $100 million into U.S. operations. National Basketball Association and National Football League teams have shown interest in fan tokens, pending regulatory clarity.
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Regulatory Climate Shifts
The meeting coincides with a change in SEC leadership. Paul Atkins, a known crypto supporter, recently became Chair after acting head Mark Uyeda relaxed certain enforcement actions.
Under Uyeda, the SEC dropped cases against Gemini, Kraken, Immutable, and Uniswap, signalling a softer approach to digital assets.
Ecosystem Activity Decline
Despite partnerships with top football clubs and eSports teams, Chiliz’s total value locked dipped from $17.8 million on December 9, 2024, to $6.5 million on April 22, 2025. That 63.5% drop highlights waning user engagement amid broader market pressures.
$CHZ’s Price Actions
Chiliz’s native token, $CHZ, traded at $0.04075 on April 22. It rose 11.41% over the previous day. Its global market cap stood at $389.05 million, with 24-hour volume up 5.60%, suggesting renewed investor interest.
On the same day of the SEC meeting, CEO Alexandre Dreyfus shared a photo with Bo Hines. Hines leads the Trump administration’s Council of Advisors for Digital Assets. Chiliz hinted at further talks with White House officials, underscoring its effort to win support at the highest levels.
Chiliz’s return bid rests on securing clear rules for fan tokens and proving they are not securities.
Success could unlock a huge market for sports engagement on blockchain technologies. As the World Cup approaches, all eyes will be on whether U.S. regulators grant the green light.
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