Sports-focused blockchain platform Chiliz is laying the groundwork for a major re-entry into the U.S. market, backed by a potential investment of up to $100 million and renewed dialogue with regulators.
In a move that could reshape its North American footprint, Chiliz met with the U.S. Securities and Exchange Commission (SEC) on April 22, 2025, according to a recently published agency log. The company submitted a draft no-action letter to the SEC Crypto Assets and Cyber Unit, seeking clarity on the regulatory status of its flagship Fan Tokens.
U.S. Comeback Plans in Motion
The meeting included representatives from Chiliz, legal counsel from Zuber Lawler LLP, and members of The Digital Chamber, a leading blockchain advocacy group.
Chiliz presented a proposal outlining plans to:
- Re-enter the U.S. market after exiting in early 2023
- Invest between $50 million to $100 million in domestic operations
- Address legal uncertainties around Fan Tokens
The company’s submission argued that Fan Tokens — which grant holders access to exclusive content, voting rights on team matters, and reward experiences — should not be considered securities under U.S. law.
“Our mission is to enable fan engagement through blockchain-based Fan Tokens,” Chiliz said in the no-action request, emphasizing that the tokens function as utility tools, not financial instruments.
Timing Targets FIFA World Cup, NFL & NBA Partnerships
The push to return comes ahead of the 2026 FIFA World Cup, which will be jointly hosted by the U.S., Canada, and Mexico. Chiliz sees the event as a global launchpad to reignite fan engagement and onboard millions of users.
Chiliz also disclosed that it previously had active partnerships with 13 NFL and 27 NBA teams, which were suspended due to regulatory uncertainty.
Industry insiders note that multiple NFL and NBA franchises are waiting for regulatory clarity to resume or launch Fan Token initiatives in partnership with Chiliz.
New SEC Leadership Signals Regulatory Shift
Chiliz’s renewed confidence appears to align with a broader policy change within the SEC.
- Paul Atkins, the new SEC Chair, is considered crypto-friendly and has publicly endorsed clearer guidelines for digital assets.
- His predecessor, Mark Uyeda, had already started de-escalating enforcement pressure by dropping lawsuits against Gemini, Kraken, Immutable, and Uniswap.
This more constructive stance could allow platforms like Chiliz to re-engage the U.S. market under well-defined legal frameworks.
Global Strength, Local Weakness
While Chiliz remains a major player in global sports engagement — with partnerships with FC Barcelona, Paris Saint-Germain, AC Milan, and Arsenal — its U.S. absence has hurt both visibility and growth.
- CHZ, the native token of Chiliz, is down 67% year-over-year
- TVL (Total Value Locked) has declined from $17 million in December to just $6.8 million, according to DeFiLlama
A successful U.S. re-entry could reverse this trajectory by unlocking:
- Renewed investor confidence
- Strategic sports partnerships
- Broader market exposure
Outlook: Catalyst or Caution?
The outcome of Chiliz’s regulatory discussions will be closely watched across the industry. If the SEC grants favorable treatment or issues guidance affirming the non-security nature of Fan Tokens, it could:
- Set precedent for other fan engagement platforms
- Open the door for sports teams to experiment with blockchain monetization
- Reignite interest in the CHZ token from retail and institutional players alike
However, the SEC’s response remains uncertain, and further meetings or adjustments to the proposed structure may be required.
Bottom Line
Chiliz is making its boldest move yet to reclaim the U.S. market by engaging directly with regulators, shifting its legal strategy, and planning a nine-figure reinvestment — all in time for one of the biggest global sporting events of the decade.
If successful, it could reposition CHZ as a leader in fan-tokenized sports engagement and reshape how American sports leagues interact with Web3.
