The Securities and Exchange Commission has issued a no-action letter to Pocketful of Quarters (PoQ), the cryptocurrency and gaming startup behind Quarters, the first cross-platform premium game token.
A no-action letter from SEC means that PoQ has the green light to start selling their game tokens, which are now legal for all players to buy and use as a consumer product in the United States.
“Quarters provides developers a way to reward their players for spending money on their platform by removing the shackles that tie any lingering tokens up,”
Timothy Tello, Chief Operating Officer at PoQ said in a press release.
However, for the no-action letter to be fully effective, PoQ will need to ensure, among other things, that – at least for an initial period – players won’t sell, buy or exchange tokens with each other, but only with developers or “influencers”.
To ensure fairness in the system, developers and influencers will then have to go through know-your-customer and anti-money laundering checks before they can get an approved account and start selling tokens.
PoQ revealed the value of Quarters – 400 will be worth a dollar – and said people will be able to buy them through credit card, Apple App Store and Google Play.
Quarters will also be available via the Application Program Interface for publishers and developers, who will be able to earn revenue by exchanging Quarters spent by players for Ethereum.
The company also specified that Quarters are “for entertainment purposes only”, and will never be exchanged or sold for financial value.
According to the no-action letter, Pocketful of Quarters has fully developed its platform which will go live before any tokens are sold.
“Our no-action letter clears the way for a consumer-friendly future where gamers can play with their tokens wherever they want, however they want,”
While PoQ has not yet released a full list of games where you’ll be able to use Quarters, you can check out the startup’s official website here for more information about the new technology and reserve a share of the pie when the platform launches officially.