Chiliz’ Bold Plan: SEC Meeting Signals US Crypto Market Reentry

Crypto enthusiasts and sports fans are watching closely as Chiliz, the SportsFi company behind fan tokens, takes a significant step towards re-entering the United States market. After a strategic exit in 2022 due to regulatory uncertainty and the FTX collapse, Chiliz is back at the table, meeting with US regulators to pave the way for a potential comeback timed around the 2026 FIFA World Cup.

Why Did Chiliz Meet with the SEC?

Chiliz representatives recently met with the United States Securities and Exchange Commission (SEC) Crypto Task Force. The primary purpose? To discuss their proposed structure for fan tokens and argue why these digital assets should not be classified as securities under US law. This distinction is crucial, as the classification of cryptocurrencies remains a central point of contention in US Web3 regulation.

The meeting, held on April 22, signals Chiliz’s proactive approach to addressing regulatory concerns head-on. Interestingly, the same day saw Chiliz CEO Alexandre Dreyfus meeting with Bo Hines from Trump’s Council of Advisors for Digital Assets, suggesting discussions are happening at multiple levels within the US government.

Plans for US Crypto Market Reentry

Chiliz has outlined ambitious plans for its return to the US Crypto Market. According to publicly available SEC meeting requests, the company aims for a reentry around the 2026 FIFA World Cup, which will be primarily hosted in the United States. This timing aligns with a major global sports event, potentially offering a significant platform for fan token adoption.

The reentry plan includes a substantial investment of $50 million to $100 million in the local market. This investment would likely support partnerships, marketing, and infrastructure necessary to establish a strong presence in the US.

Reports indicate that major US sports leagues, such as the National Basketball Association (NBA) and National Football League (NFL), have expressed interest in launching fan tokens. However, this interest is contingent on achieving greater Regulatory Clarity for digital assets in the US.

What Are Fan Tokens and Are They Securities?

Fan Tokens are digital assets that allow sports enthusiasts to own cryptocurrencies associated with their favorite teams. These tokens typically grant holders certain benefits, such as voting rights in club polls, access to exclusive content, or participation in unique fan experiences.

The core of Chiliz’s discussion with the SEC revolved around demonstrating that fan tokens, in their proposed structure, do not meet the criteria of a security. In the US, a security is broadly defined as an investment where the investor expects profit primarily from the efforts of others. Chiliz aims to show that the utility and fan engagement aspects of their tokens differentiate them from traditional investment contracts.

Current State of the Chiliz Ecosystem

Despite pursuing US expansion, the Chiliz ecosystem has faced challenges. Data from DefiLlama shows a significant drop in Total Value Locked (TVL) within protocols built on Chiliz, falling from $17.8 million on December 9, 2024, to $6.5 million on April 22, 2025. This marks a 63.5% decrease.

The native governance token, CHZ, has also seen its price decline, reportedly dropping 67% over the past 12 months. Chiliz has established partnerships with major global football clubs like FC Barcelona, Paris Saint-Germain, and Manchester City, but these global successes haven’t prevented recent dips in ecosystem activity and token performance.

Previous US Foray and Exit

This isn’t Chiliz’s first attempt in the US market. The company invested $80 million in partnerships within the US in 2021. However, escalating regulatory uncertainty and the broader market impact following the FTX collapse led to their strategic exit in 2022. The current push indicates a renewed confidence, possibly fueled by perceived shifts towards greater regulatory clarity and a more crypto-friendly political climate in the US.

Conclusion: A Calculated Comeback?

Chiliz’s meeting with the SEC and discussions with White House officials highlight a determined effort to navigate the complex US regulatory landscape. Their plan to invest significantly and time their reentry with the 2026 World Cup suggests a calculated move to capitalize on a major sporting moment. While the Chiliz ecosystem has faced recent challenges in TVL and token price, securing regulatory approval and entering the vast US market could provide a substantial boost. The outcome of these discussions and the future of Fan Tokens in the US will depend heavily on achieving the Regulatory Clarity Chiliz and potential US partners seek.