The SEC approved the first token sale on the Ethereum blockchain The US Securities and Exchange Commission (SEC) approved the first ever token sale based on the Ethereum blockchain, writes The Block.

SEC approved the first token sale on the Ethereum blockchain

The US Securities and Exchange Commission (SEC) approved the first-ever token sale based on blockchain Ethereum, writes The Block.

On Thursday, the corporate finance division issued a letter of no action, in which it said that the Pocketful of Quarters (PoQ) startup can sell its ERC20 tokens without the need to register them as securities..

“The Division does not recommend the SEC to take enforcement action if PoQ offers and sells its Quarters tokens without registering them under Section 5 of the Securities Act and as a class of equity securities under Section 12 (g) of the Act. "On the exchange of securities" based on the view that Quarters are not securities, "- said Jonathan Ingram, chief legal adviser for the fintech wing of the SEC..

The letter also contains a number of conditions, for example, Quarters tokens must be immediately available for use in the company's gaming products after their sale, and the ability to carry out transactions with them should be provided to a limited number of developers and influencers.

This is already the second such letter issued by the SEC to a project wishing to hold a token sale, but the first for an Ethereum token. In April, the regulator approved the TurnKey Jet campaign for the sale of TKJ tokens based on the limited access blockchain.

 

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