The U.S. Securities and Exchange Commission (SEC) has granted another crypto firm permission to sell its native cryptocurrency.
The SEC published a “no-action letter” on Thursday (dated Nov. 17) to IMVU, a digital avatar company, allowing the firm to sell its VCOIN digital tokens to users, albeit with strict restrictions on how these tokens can be sold.
The securities regulator has granted just a handful of other such letters, including to Turnkey Jets and Pocketful of Quarters, making the latest action somewhat notable despite the token’s relative obscurity. In a first, the SEC is allowing IMVU to sell tokens designed to be converted back to fiat by users. (In its previous rulings, the SEC said users could not buy, sell or trade either Quarters or Turnkey tokens.)
“Based on the facts presented, the Division will not recommend enforcement action to the Commission if, in reliance on your opinion as counsel that VCOIN is not a security, IMVU offers