Texas Real Estate Developer Megatel Plans to Launch Crypto Reward Token, Receives SEC "No-Action" Letter

Odaily News Texas-based private residential developer Megatel Homes announced plans to launch a crypto token called "MegPrime" for payments and rewards within the coming weeks. This decision was preceded by the company receiving a "no-action" letter from the U.S. Securities and Exchange Commission (SEC), indicating that the regulator will not take enforcement action regarding this project.

Megatel CEO Zach Ipour stated that MegPrime represents the company's first foray into the digital asset space. The token will function solely as a payment and reward tool, not as an investment product. Consumers can use the token at regular merchants via digital wallets and payment cards, and receive rebates, discount gift cards, and points redeemable for housing-related benefits in token form.

The report notes that MegPrime does not grant holders any securities-related rights, such as voting rights or profit-sharing rights. Megatel believes that, combined with its real estate development and financing business, this model has the potential to further integrate real estate activities with digital currency incentive mechanisms. (Reuters)