US SEC Issues Green Signal To Crypto Gaming Firm Pocketful of Quarters
The US Securities and Exchange Commission (SEC) has authorized a crypto gaming business to release unregistered blockchain tokens, declassifying the tokens from being referred to as securities.
On July 25, the SEC released its decision on the portal of the commission as a response to an official query by Pocketful of Quarters (PoQ) on its suggested “Quarters” tokens.
The SEC FinHub division’s legal advisor Jonathan Ingram stated as follows:
“Based on the facts presented, the Division will not recommend enforcement action to the Commission if, in reliance on your opinion as counsel that the Quarters are not securities, PoQ offers and sells the Quarters without registration under Section 5 of the Securities Act and does not register Quarters as a class of equity securities under Section 12(g) of the Exchange Act.”
Ingram stated that the ruling of the SEC was based on the different provisions specified in the original query about Quarters. This involves the stipulation that “PoQ will stock and distribute Quarters to gamers exclusively for consumption use as a way of accessing and communicating with Participating Games.”
In addition, the conditions also supposedly indicate that Quarters owners can only deal with PoQ or “Approved Accounts,” which must conform to existing and subsequent Know Your Customer and Anti-Money Laundering laws. PoQ aims to give “excellent awards” for scrim contests in famous matches like PUBG, Fortnite, and CSGO, as per its blog.
PoQ indicates on its investment portal that shareholders are granted a part of sales royalties of Quarter in the form of Ether (ETH) and can request them through a smart contract.
George B. Weiksner, a sixth grader who is mentioned as the present CEO of PoQ, co-founded the business. Seemingly, Weiksner is a frequent lecturer on cryptocurrencies and matches and has been featured in Marketwatch and ICO Investor TV.
Specifically, Refereum, a firm centered on providing crypto incentives in the gaming industry, has announced that it is launching an advertising event in the famous PUBG’s battle royale game. By August 20, ~8 million investors will be eligible to earn token benefits by finishing multiple game-related assignments and treasure hunts.