SEC Clears Blockchain Gaming Startup to Sell ‘Quarters’ Tokens
Summary
In the July 25 letter, Jonathan Ingram, chief legal officer for the SEC’s FinHub wing, wrote: “The thing that’s notable here, this is the first ERC-20 public blockchain token [approved for a sale],” said Lewis Cohen of DLX Law, which worked with PoQ to secure the letter. The two-token system is meant to ensure that users conduct transactions with Quarters, rather than hold them in the hopes of securing a return, Weiksner explained. He said he hopes Quarters will improve the gaming experience for players who are tired of spending large sums for different platforms, adding: “The most important thing for teenage boys is playing video games and this might be the first financial product that they have and it’ll be a crypto wallet,” said Michael Weiksner, the company’s principal (and George’s father). The no-action letter requires a PoQ to follow a number of commitments, including ensuring that players can’t sell, buy or exchange tokens with each other. “Players can never buy or sell or exchange to anyone except for approved developers, and that’s a key component of our … [compliance] strategy,” Michael Weiksner said.
Classifications
AskAI Classifications
LabelsLinked Companies
