Social networks and the digital economy: A preview of IMVU’s VCOIN
After getting some boundaries in which to operate from the SEC, IMVU's new blockchain-based token will be a major test case for crypto. When the Securities and Exchange Commission gave its blessing to social media platform IMVU to launch VCOIN, it was a major leap forward for acceptable scope of crypto applications. The implications for what sorts of projects the SEC considers a security are, in and of themselves, huge. But part of the appeal of VCOIN to the SEC is that, with its stable price and clear use case, IMVU has managed to demonstrate to the commission that the token is a means of....
Related News
The latest in securities law and crypto is not a revolution, but it is a step forward. As Cointelegraph reported two weeks ago, the Securities and Exchange Commission put out a rare no-action letter in defense of IMVU’s new blockchain-based VCOIN.VCOIN is only the third digital token to get such legal protection from the U.S. securities regulator, which makes it an exciting development. The SEC has been extremely active in punishing initial coin offerings that it views as unregistered securities offerings, but it has been more reluctant to define what does not count as a security — a....
The token, which has gotten a lot of attention for its interesting way of placating U.S. regulators, is now live for IMVU users in over 140 countries. IMVU's new fiat-convertible VCOIN goes live on the social network. Per a Jan. 12 company announcement shared with Cointelegraph, VCOIN is available for users of IMVU, starting today. IMVU already hosts over 27 million transactions a month using its non-blockchain-backed credits. VCOIN aims to give users involved in those transactions the opportunity to convert their earnings into value that they can use off the platform, both in peer-to-peer....
The VCOIN token launch got the green light from the U.S. Securities and Exchange Commission late last year.
The letter states the regulatory agency “will not recommend enforcement action” against a platform issuing a digital currency capable of being converted to fiat. The U.S. Securities and Exchange Commission, or SEC, has issued a rare no-action letter in response to a request from a blockchain-backed platform over the issuance of a digital asset.The SEC letter issued on Nov. 19 says that its Division of Corporation Finance would “not recommend enforcement action” against avatar social platform IMVU issuing its VCOIN digital asset under certain conditions. The commission will allow the firm....
New social network Dawn promises to change the face of social mediafrom individual-centric to pro-group, whilst also maintaining individual interest. Cointelegraph spoke to Brenn Hill, social and UX architect at Dawn, to take a peak of the new radioactivity of the Blockchain. Cointelegraph: Could you explain what Dawn is all about and what makes it different from other social media outlets? Brenn Hill: Dawn is about reinventing social networks in a way that is group-centric and pro-social instead of individual-centric and exploitative. Currently, social networks exist partly to allow you....