SEC Investigation on Overstock is almost dormant
Overstock is still in the dark about the investigation launched on them by US regulators. The investigation was launched into tZERO in 2018 as communicated by the new interim CEO.
Johnson says there is no information from the SEC since 2018
Jonathon Johnson spoke to FOX Business in an interview that was reported on the 3rd of September. He communicated that he was still waiting for information from the Securities and Exchange Commission (SEC). He said that there had not been requested for any information for about a year. Johnson had taken over the reins of Bitcoin-friendly Overstock. This happened after Patrick Byrne, the founder, suddenly departed. After tZERO came into existence to create a Blockchain stock exchange, it was signaled from the SEC in February 2018 that they would be keeping a watch on Overstock.
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The company had chosen to publicly notify the investigation. However, nothing had been heard from the SEC since December 2018. Johnson had described the investigation as dormant, according to the FOX interviewer. The chief had met with the lawmakers in June to request an update on the progress. Nothing has surfaced as of yet. In the meantime, there is no legal action that is currently involving Johson or Byrne. Johnson even added that no one had received an official summoning from the SEC relating to any criminal charges or the Wells Notice.
Overstock is still unfazed
The exit of Byrne from Overstock has been a surprise for most cryptocurrency users. Byrne had transformed Overstock into one of the world’s pioneers in crypto acceptance. tZERO had even updated its Twitter feed about 2 weeks ago on this matter, claiming that Patrick Byrne was an advocate for tZERO since its beginning. Seeing him step down from his roles at Overstock and the affiliated companies would surely be a misfortune. However, this would not affect the operations of tZERO and they would continue to focus on the route they have planned.
Johnson is the CEO of umbrella entities Medici Ventures and would retain his roles there along with the new responsibilities. Overstock is not the only major corporation that has come under the canon of the US regulators over crypto-related activities. Kik from Canada has also been involved in conquest with the authorities in the US for the initial coin offering (or ICO) in 2017.
According to court documents, SEC believes that Kik has sold some unregistered securities by offering the tokens in the United States. However, the company’s lawyers have denied this in what seems to be a tense legal battle. The regulator would be deciding in October whether a new form of the financial instrument would be allowed to hit the market. Bitcoin exchange-traded fund or ETF have gone through multiple rejections under multiple sponsors since March 2017.
