Texas real estate firm Megatel plans to launch a crypto reward token, approved by SEC's "no-action" letter

Odaily reported that 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 has previously received a "no-action" letter from the U.S. Securities and Exchange Commission (SEC), indicating that the regulatory agency will not take enforcement action regarding this project.

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

The report noted 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)