US SEC Gives Crypto Gaming Firm the Go-Ahead on ‘Quarters’ Token

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The SEC says Pocketful of Quarters is free to release its intended gaming rewards token without registration, as it is not a security.

The United States Securities and Exchange Commission (SEC) has cleared a crypto gaming company to issue blockchain tokens without registration, deeming the tokens to not be securities.

The SEC published its determination on July 25 via the commission’s website, as a reply to an apparent inquiry from the company Pocketful of Quarters (PoQ) on its proposed “Quarters” tokens. Jonathan Ingram, the chief legal advisor of the SEC’s FinHub division wrote:

“Based on the facts presented, the Division will not recommend enforcement action to the Commission if, in reliance on your opinion as counsel that the Quarters are not securities, PoQ offers and sells the Quarters without registration under Section 5 of the Securities Act and does not register Quarters as a class of equity securities under Section 12(g) of the Exchange Act.”

Ingram wrote that the SEC’s decision relies on the various stipulations made about Quarters in the initial request. This includes the stipulation that “PoQ will market and sell Quarters to gamers solely for consumptive use as a means of accessing and interacting with Participating Games.”

Additionally, the terms also reportedly specify that Quarters holders can only transact with PoQ or “Approved Accounts,” which must be subject to initial and ongoing Know Your Customer and Anti-Money Laundering regulations.

Crypto Rewards in Gaming

According to its website, PoQ purports to offer “great prizes” for scrim competitions in popular games such as PUBG, Fortnite, and CSGO. On its investment page, PoQ specifies that investors receive a portion of Quarter sales royalties in Ether (ETH), and can claim them via a smart contract.

The company was co-founded by George B. Weiksner, a sixth-grader who is listed as PoQ’s current CEO. Weiksner apparently is a regular speaker about cryptocurrencies and games and has been published by Marketwatch and ICO Investor TV.

As previously reported by Cointelegraph, a company focused on offering crypto rewards in the gaming sector, Refereum, has announced that it is running a promotional campaign in the popular battle royale game PUBG. Up through August 20, the game’s ~8 million buyers will be able to gain token rewards by completing various tasks and quests associated with the game.

Original source: https://cointelegraph.com/news/us-sec-gives-crypto-gaming-firm-the-go-ahead-on-quarters-token

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The New York Times Using Hyperledger Fabric to Fight Fakes News

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The New York Times has unveiled a blockchain-based project using the Hyperledger Fabric to fight fake news and guarantee the provenance of audio and video metadata.

The paper of record, The New York Times (NYT), is using the Hyperledger Fabric permissioned blockchain to guarantee the provenance of digital files.

According to a new website for NYT’s News Provenance Project, the newspaper will use blockchain technology to fight misinformation in the media. The project’s purported aim is to provide a platform that is widely applicable to variously-sized publications.

Blockchain technology will purportedly aid the project in recording metadata about video and audio recordings that are published by news organizations. The New Provenance Project is currently in its first phase, in which it aims to create a photojournalism-focused proof-of-concept that demonstrates how such a blockchain-based system could work to scale. The site states:

“Our initial work involves exploring a blockchain-based system for recording and sharing metadata about media — images and videos in particular — published by news organizations. We are also conducting user experience research to identify the types of signals that can aid users in recognizing authentic media.”

NYT notes, “All hype aside, blockchain offers mechanisms for sharing information between entities in ways we think are essential for establishing and maintaining provenance of digital files.” Per the project’s website, the project will make the results of its project publically available. 

The New York Times posted a job listing for a blockchain talent earlier this year. The role, entitled “Lead, Blockchain Exploration” was seeking, “a forward-looking leader who will help envision and design a blockchain-based proof of concept for news publishers.”

Original source: https://cointelegraph.com/news/the-new-york-times-using-hyperledger-fabric-to-fight-fakes-news

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