Triumph of 12-year old CEO: Cryptocurrency quarters will not be classified as a security
Cryptocurrencies and authorities have not always been a particularly good match. But now the US Security and Exchange Commission (SEC) has made a decision that is actually really good for a cryptocurrency.
The SEC has approved that the company Pocketful of Quarters (PoQ) sells its cryptocurrency quarters without it being registered as a security.
The question of whether cryptocurrencies are securities or not has been hotly debated, so this could be seen as a win for the crypto industry.
Quarters is used as a reward for competitions in games such as PUBG, Fortnite, and CSGO.
The company is led by a 12-year-old
In addition to people thinking that Pocketful of Quarters has a smart business concept, the company is unusual in that it is led by a 12-year-old.
The company’s CEO is named George B. Weiksner and came up with the idea for the cryptocurrency when he was eleven years old, Cointelegraph reports.
Now, it remains to be seen whether the SEC’s decision can be indicative of other cryptocurrencies in the computer gaming industry as well.
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