Texas real estate company Megatel plans to launch a crypto reward token, SEC "not taking action" to approve it

Mars Finance News: Texas private residential developer Megatel Homes announced plans to launch a cryptocurrency token called “MegPrime” in the coming weeks for payments and rewards. This decision was previously granted a “no-action” letter by the U.S. Securities and Exchange Commission (SEC), indicating that the regulatory agency will not take enforcement action against the project. Megatel CEO Zach Ipour stated that MegPrime is the company's first foray into the digital asset space, and the token will be used 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 the form of tokens. The report pointed out that MegPrime does not grant holders any securities-related rights, such as voting rights or profit-sharing rights. Megatel believes that, by integrating its real estate development and financing businesses, this model has the potential to further merge real estate activities with digital currency incentive mechanisms.