Texas real estate developer Megatel has received a "no action" letter from the SEC to launch a cryptocurrency rewards token.

According to Mars Finance, Texas-based private residential developer Megatel Homes announced plans to launch its cryptocurrency token, "MegPrime," for payments and rewards in the coming weeks. This decision was preceded by a "no action" letter from the U.S. Securities and Exchange Commission (SEC), meaning the regulator will not take enforcement action against the project. Megatel CEO Zach Ipour stated that MegPrime marks the company's first foray into digital assets, and the token will serve solely as a payment and rewards tool, not an investment product. Consumers can use the token at regular merchants via digital wallets and payment cards, earning rebates, discounted gift cards, and points that can be used for housing-related benefits. The report notes that MegPrime does not grant holders any securities-related rights, such as voting rights or profit-sharing rights. Megatel believes that, combined with its real estate development and financing business, this model has the potential to further integrate real estate activities with digital currency incentive mechanisms.