Megatel Homes, a Texas-based homebuilder, has snagged a no-action letter from the SEC to launch MegPrime, a crypto rewards platform. The platform will let users earn rewards in MP Tokens for paying rent or making everyday purchases, which can be redeemed for goods or converted to US dollars.
The SEC's letter, issued Thursday, gives the green light for MegPrime to proceed as long as it follows its outlined plan. The company operated in stealth mode to meet regulatory requirements, according to a post on X.
Aaron Ipour, co-founder of Megatel Homes and MegPrime, described the platform as a "real financial lifeline" for renters and homebuyers amid high interest rates and inflation. MegPrime makes bold promises, including eligibility for renters to receive 100% of their past 12 months of rent (up to $25,000) toward a future home purchase.
Homeowners may access mortgage rates up to 2% below market averages, potentially saving thousands. The average 30-year fixed-rate mortgage in the US is 6.06%, per Freddie Mac.
Around 32% of people in the US live in rental housing. The SEC's nod comes as Chairman Paul Atkins voices pro-crypto views, recently expressing optimism about President Donald Trump signing crypto-related legislation this year.
