Texas-based residential builder Megatel Homes receives SEC approval to launch a cryptocurrency rewards program

PANews January 16 News, according to Reuters, Texas private residential builder Megatel Homes LLC announced on Thursday that it will begin issuing a cryptocurrency called “MegPrime” for payments and rewards. This move is an extension of its 2019 rent-to-down payment plan, aiming to combine real estate activities with the advantages of digital currency. The company has received a “no-action” letter from the U.S. Securities and Exchange Commission (SEC), effectively allowing it to proceed with the related plans. The company emphasizes that the token is promoted solely as a means of payment and earning rewards, not as an investment product. Consumers can use the token through digital wallets and payment cards at regular merchants to earn rebates, discount gift cards, and points redeemable for housing-related benefits. Token holders do not have any rights associated with securities ownership, such as voting rights or profit-sharing rights.