Svmuu News: Texas-based private residential developer Megatel Homes has announced plans to launch “MegPrime,” a cryptocurrency token for payments and rewards, in the coming weeks. This decision follows a “no-action” letter issued by the U.S. Securities and Exchange Commission (SEC), indicating that the regulator will not take enforcement action against the project. Megatel CEO Zach Ipour stated that MegPrime marks the company’s first foray into the digital asset space. The token will serve solely as a payment and rewards tool, rather than an investment product. Consumers will be able to use the token at participating merchants via digital wallets and payment cards, and receive cashback, discount gift cards, and points redeemable for housing-related benefits in the form of tokens. The report noted that MegPrime does not confer any securities-related rights on holders, such as voting rights or rights to profit distribution. Megatel believes that, combined with its real estate development and financing businesses, this model has the potential to further integrate real estate activities with digital currency incentive mechanisms. (Reuters)