Chiliz, a leading blockchain platform specializing in sports fan engagement, is actively pursuing a return to the U.S. market. The company recently engaged with the U.S. Securities and Exchange Commission (SEC) to discuss regulatory pathways for its fan tokens, aiming to reestablish its presence ahead of the 2026 FIFA World Cup.
Strategic Discussions with the SEC
On April 22, 2025, representatives from Chiliz, The Digital Chamber, and Zuber Lawler LLP met with the SEC’s Crypto Task Force. The meeting focused on presenting a draft no-action letter concerning the legal classification of fan tokens. Chiliz argues that these tokens, which offer fans voting rights and exclusive rewards, should be considered utility tokens rather than securities. This distinction is crucial for the company’s operations in the U.S. market.
Investment Plans and Market Reentry
Chiliz plans to invest between $50 million and $100 million to reestablish its U.S. operations, aligning this effort with the upcoming 2026 FIFA World Cup, which the United States will co-host. The company had previously partnered with 27 NBA and 13 NFL teams, though these collaborations were suspended due to regulatory challenges.
The recent appointment of Paul Atkins as SEC Chair may signal a more favorable regulatory environment for digital assets. Atkins has expressed a commitment to establishing a robust regulatory framework for digital assets, aiming to provide clarity and stability in the marketplace.
Challenges and Market Performance
Despite its global partnerships with renowned football clubs such as FC Barcelona, Paris Saint-Germain, and Manchester City, Chiliz has faced challenges in its ecosystem. Data from DefiLlama indicates a significant drop in the company’s total value locked (TVL), falling from $17.8 million in December 2024 to $6.5 million in April 2025.
Chiliz’s proactive engagement with the SEC reflects a broader trend of cryptocurrency companies seeking regulatory clarity to foster innovation and growth. As the U.S. continues to refine its approach to digital assets, the outcome of these discussions could set a precedent for similar initiatives in the industry.
