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As Some Firms Defy SEC, Overstock Is Set To Cash In On "Wild West" ICOs

• Zero Hedge

The Securities and Exchange Commission roiled the blockchain industry last week when it announced that so-called Initial Coin Offerings are considered securities offerings. While some firms are embracing a strategy of open defiance, vowing to push ahead with their planned ICOs without registering them, at least one former innovator in the blockchain arena sees the new rulings as a boon for its nascent cryptoasset trading platform, according to CoinDesk.

Overstock.com, one of the first major US companies to embrace blockchain technology, believes the regulations could drive business to its cryptoasset trading platform known as T-0. Overstock cemented its status as a blockchain innovator back in December 2015 when it raised $2 million by offering a small tranche of Overstock corporate bonds on its platform. The offering, which received approval from regulators, created the first blockchain-based financial securities to trade in the US.

Overstock CEO Patrick Byrne

Since then, the company has been quietly building out its platform while waiting for US regulators to create a framework for legally offering and trading blockchain securities. And now the day it has long been waiting for has finally arrived, according to CoinDesk.

"…earlier this week, tØ got the news it had been waiting for when the SEC finally published the results of a landmark report in which it clearly laid out its rationale for why some tokens are still securities.

 

Moreover, the report clarified that, once a token issued in an ICO has been deemed a security, only national securities exchanges like Nasdaq and some alternative trading systems (ATSs) are permitted to be involved in the trading."

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ALSO, PLEASE LISTEN TO RADIO SHOW ERNEST HANCOCK (PUBLISHER OF FREEDOM'S PHOENIX) DID WITH PATRICK BYRNE ON HIS RADIO SHOW RECENTLY: https://www.freedomsphoenix.com/Media/221846-2017-07-18-07-19-17-colin-cantrell-patrick-byrne-video-mp3s-loaded.htm