That's my point. Regular in-game purchases in a popular game - fine. Convoluted redemption for electrons - meh, most users wouldn't bother, and if that's the main feature it would likely flop. Even if it somehow succeeds you have to wonder why it needs to be tied to crypto if there is nothing crypto about it. You buy or earn points, you redeem them for something or other, all that is off-chain, what does it have to do with cryptocurrency?

Now as far as regulation is concerned, in the US the SEC has established itself as the agency that investigates cryptocurrency investments for securities fraud. Coincidentally they also regulate crowdfunding. Not to mention FinCEN requirements. I know the elusive ionomy PTE is supposed to make it look like the US law doesn't apply but I doubt that with the principals and many investors residing in the US the agencies would see it that way.

Really the only chance to sneak under the regulatory radar would be for ionomy to remain obscure and irrelevant. They're doing a good job at that so far, I'll give them that.