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Blockchain Industry News

SEC Green Lights TurnKey Jet’s Cryptocurrency

TurnKey Jet, Inc. has just been cleared by the SEC, allowing the company to raise funds thru custom cryptocurrency sales. The “no-action” letter sent by the Security and Exchange Commission on Wednesday, serves as an assurance that the regulatory agency would not be taking actions against the startup regarding their plans for blockchain-based fundraising.

TKJ Tokens

The Florida-based company, TurnKey Jet, can sell TKJ tokens to their customers. This tokens will be utilized exclusively for booking travels on private jets. Their decision was in response to transaction issues in the charter jet industry due to the restrictions of banking hours.

Current customers are forced to limit their transactions within banking hours. This greatly affects the charter jet’s operations. Traditional financial rails are not a viable option as it is too time-consuming. Eventually, this spurred TurnKey Jet to turn to the SEC for another solution.

Token Use

With the tokens, TurnKey can pre-pay or purchase tokens from other members on the ensuing network. There is also a possibility that it can be exchanged with cryptocurrency like bitcoin. Based on TurnKey’s request, the company mentioned using ethereum as a potential blockchain to run its token. However, in their last letter, they still haven’t specified yet which blockchain technology they will be using.

According to James Prescott curry, a lawyer working with Turnkey Jet, the company doesn’t plan on building their own from scratch. Instead, they are turning to tech companies like IBM, Microsoft, and others including public blockchains, for solutions. The TKJ token is not going to be the only one of its kind, but rather, it would be standards compliant.

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