After exiting the U.S. in 2023, sports blockchain giant Chiliz is preparing a comeback — backed by a bold investment plan, regulatory dialogue, and the momentum of the 2026 FIFA World Cup.
On April 22, Chiliz, alongside legal advisors from Zuber Lawler LLP and members of The Digital Chamber, met with the U.S. SEC’s Crypto Asset Task Force to present its re-entry strategy and address longstanding regulatory concerns.
The meeting signals a turning point for the platform as it looks to unlock the U.S. sports and crypto markets once again, just in time for the largest global sporting event in recent history.
Draft Letter Submitted to SEC: Fan Tokens ≠ Securities
At the heart of the discussion was a draft no-action letter submitted by Chiliz. The company argued that its Fan Tokens — digital assets used by fans to vote on club decisions, access content, and win rewards — should not be classified as securities under U.S. law.
“Fan Tokens empower communities, not investors,” Chiliz argued, emphasizing their utility-focused design over speculative use.
Sports Partnerships on Hold, But Not Forgotten
Chiliz has built an impressive global portfolio with teams like FC Barcelona, Arsenal, AC Milan, and Paris Saint-Germain. But its 13 NFL and 27 NBA partnerships were shelved after the U.S. exit due to regulatory ambiguity.
Should clarity emerge, insiders suggest many U.S. sports teams are eager to reignite those fan token projects.
The 2026 FIFA World Cup, co-hosted by the U.S., provides the perfect on-ramp.
Re-entry Plan: $50M–$100M Investment in U.S. Market
Chiliz outlined a plan to inject between $50 million and $100 million into U.S. operations to:
- Expand partnerships
- Launch localized fan tokens
- Build compliant infrastructure
This represents one of the largest foreign blockchain reinvestments proposed since the SEC began pivoting its enforcement stance.
Political Winds Shift in Favor of Crypto
The Chiliz meeting comes amid a favorable leadership transition at the SEC:
- Paul Atkins, a vocal crypto supporter, has assumed chairmanship.
- His predecessor, Mark Uyeda, rolled back actions against several firms including Gemini, Uniswap, and Immutable.
This change signals a more collaborative approach to blockchain innovation.
Token and TVL Under Pressure, but Optimism Builds
Despite global momentum, Chiliz’s on-chain metrics have slumped:
- CHZ is down 67% YoY
- Total Value Locked (TVL) has fallen from $17M in December to $6.8M
A successful U.S. relaunch could reverse the trend, especially as regulatory clarity boosts market sentiment.
What’s at Stake?
For Chiliz:
- The U.S. is a strategic priority in both sports and tech markets.
- A greenlight could reestablish it as the leader in fan tokenization.
For the industry:
- A favorable SEC decision could set precedent for utility-token-based platforms.
- It may unlock fan engagement tools across NFL, NBA, and collegiate sports.
The Verdict
Chiliz is betting big on regulation — and timing. If it can secure SEC approval in time for World Cup hype, it could redefine sports fandom through Web3. And if that happens, the U.S. might just become the biggest Chiliz arena yet.
