The SEC approved another tokenail. With a number of reservations

The US Securities and Exchange Commission (SEC) approved the release of cryptocurrency game start-up tokens Pocketful of Quarters (PoQ), recognizing that they are not securities. This is stated in the statement of the department.

“PoQ may offer and sell Quarters tokens without registration in accordance with Section 5 of the Securities Act, and may not register them as securities in accordance with Section 12 (g) of the Securities Trading Act,” said SEC’s General Counsel FinHub Jonathan Ingram

Nevertheless, the SEC still put forward a number of requirements for a startup. So, PoQ is forbidden to use funds from the sale of tokens [ standard ERC-20 ] to launch its own platform, which should begin to function before the start of the tokensale.

In addition, tokens can only be sold to players and must be “immediately” used for their intended purpose (for games on the platform): Quarters owners can only transfer them to PoQ or other players.

In this case, tokens can be exchanged for ETHs only if the KYC / AML procedure is pre-completed. The exchange should be carried out at predetermined rates by transferring tokens to the address of the smart contract. Tokens must also be permanently available to players in unlimited quantities at a fixed price.

Earlier, the SEC approved holding the Blockstack token at $ 28 million, and also assigned to the ERC-20 Props token YouNow streaming platform qualification in accordance with the “A +” position.

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