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6. Pocketful of Quarters - Lewis Cohen’s Two Cents
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On July 25, 2019, SEC's Division of Corporate Finance issued its second ever blockchain token related no-action letter to Pocketful of Quarters, Inc. (Quarters). I spoke with Lewis Cohen, the attorney who represented Quarters in obtaining this no-action relief for the Quarters' platform which uses an ERC 20 token. We discussed the 13 year old founder's vision for this company, the process they went through to obtain the no-action letter and why he believes that this no-action relief is meaningful despite some critics' sentiment that the facts were clearly beyond the scope of SEC's jurisdiction.
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