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ARTICLE · 16 AUGUST 2019

SEC Provides Second No-Action Letter In The Digital Asset Space

Cleary Gottlieb Steen & Hamilton LLP
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On July 25, 2019, staff of the SEC granted its second no-action letter in the digital asset space to Pocketful of Quarters, Inc., permitting POQ to sell digital tokens recorded on the Ethereum blockchain ...

United StatesTechnology
Colin D. Lloyd
Colin D. Lloyd
John A. Lightbourne
John A. Lightbourne

On July 25, 2019, staff of the Securities and Exchange Commission ("SEC") granted its second no-action letter in the digital asset space to Pocketful of Quarters, Inc. ("POQ"), permitting POQ to sell digital tokens ("Quarters") recorded on the Ethereum blockchain without satisfying registration requirements under the Securities Act of 1933 and the Securities Exchange Act of 1934 (the "Acts"). Like the SEC's prior no-action letter to TurnKey Jet, Inc. ("TKJ"), which permitted TKJ to sell digital tokens pegged to $1.00 for the limited purpose of purchasing air charter services, Quarters will also be sold at a fixed price and limited to a purely consumptive purpose within the Quarters platform.

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