Chiliz prepares to return to U.S. market
Chiliz, the blockchain-based fan engagement platform, is seeking to re-enter the U.S. market after a year-long regulatory hiatus.
The company met with the U.S. Securities and Exchange Commission (SEC) on April 22 to present a draft no-action letter, asking the agency to confirm that its fan tokens should not be treated as securities, reports Crypto News.
According to the SEC’s public meeting log, representatives from Chiliz, law firm Zuber Lawler LLP, and advocacy group The Digital Chamber were present at the discussion. Chiliz proposed a $50 million to $100 million investment into the U.S. market, contingent on regulatory clarity. The company argued that its tokens — which enable fans to vote on club decisions, access rewards, and engage with teams — function as utility assets, not investment vehicles.
Chiliz has existing partnerships with leading global football clubs including FC Barcelona, PSG, AC Milan, and Arsenal. It also revealed it had prior agreements with 13 NFL and 27 NBA teams, though those partnerships were paused amid regulatory uncertainty.
SEC leadership shift raises optimism for approval
The company’s renewed push into the U.S. comes at a time of leadership transition at the SEC. New Chair Paul Atkins, a pro-crypto advocate, has already signaled interest in streamlining regulations for digital assets. Acting Chair Mark Uyeda had earlier begun reversing enforcement actions, including cases against Uniswap, Kraken, and Gemini.
The timing also coincides with rising interest among U.S. sports leagues in blockchain-based fan engagement tools. Reports suggest that several NBA and NFL franchises are prepared to launch fan tokens if a compliant framework is established.
Chiliz exited the U.S. market in early 2023, citing legal ambiguity. A successful re-entry ahead of the 2026 FIFA World Cup — co-hosted by the U.S., Canada, and Mexico — could significantly expand the platform’s footprint and renew momentum for its native token, CHZ.
Despite global partnerships, Chiliz has struggled in recent months. The CHZ token is down 67% year-over-year, while its total value locked has shrunk from $17 million in December to just $6.8 million, according to DefiLlama.
Analysts say regulatory approval in the U.S. could be a major turning point for both the platform and the broader fan token market.
Recently we wrote that Galaxy Digital Holdings has received a green light from the U.S. Securities and Exchange Commission (SEC) to proceed with its corporate reorganization and re-domestication from the Cayman Islands to Delaware—marking a pivotal step in its plan to re-enter U.S. public markets.
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