A Pocketful of Quarters is the name of the lucky crypto-gaming startup whose tokens have been approved by the Security and Exchange Commission (the SEC) of the US and are officially not considered to be securities, boasts a recent article on Medium.
The impressive detail is that the startup has been founded by a twelve-year-old boy from Connecticut.
SEC approves of a non-tradable ERC-20 gaming token
George Weiksner, the founder of the Pocketful of Quarters gaming platform, has recently got a no-action letter from the US regulator. This ensures the SEC will not take up any enforcement actions against the firm.
The ‘Quarters’ token is untradeable and it will not be used as a speculative asset on exchanges. This is nothing but a use-case token, therefore the SEC will not qualify it as a security.
The coins will be used purely inside the ecosystem of the Ethereum-based startup. Gamers will be able to utilize it for purchasing add-ons and numerous items offered for trade in games.
Weiksner, the CEO of the Pocketful of Quarters, says he wants the token to become a universal one for the games. His father turns out to be a crypto fan too, and the idea emerged after a conversation with him, Medium writes.