US homebuilder plans crypto rewards after SEC clearance

US homebuilder Megatel Homes plans to launch a crypto rewards platform after receiving a no-action letter from the Securities and Exchange Commission.

The programme, called MegPrime, will reward users with MP Tokens for activities such as paying rent through the platform.

Megatel said the tokens can be used for everyday purchases or converted into US dollars.

The SEC said it would not recommend enforcement action provided the platform operates strictly within the terms outlined in its submission.

“It operated in stealth-mode to meet regulatory requirements,”

MegPrime said.

“As the housing market continues to grapple with unsustainable interest rates and price inflation, MegPrime provides a real financial lifeline to renters, homeowners, and aspiring homebuyers,”

Aaron Ipour said.

The platform claims renters may be eligible to apply up to $25,000 from past rent payments towards a future home purchase.

Data shows roughly 32% of people in the United States currently live in rental housing.

MegPrime also said homeowners could access mortgage rates up to 2% below market averages.

The move comes as SEC chair Paul Atkins continues to express support for crypto-related innovation.