Overstock.com Inc.shares fell as much as 10% this morning after the company’s cryptocurrency-focused subsidiary, tZero, said that the Securities and Exchange Commission was investigating its sale of digital tokens.
According to The Wall Street Journal, Overstock launched tZero in August 2015 as an alternative platform for trading securities.
It announced the token offering in 2017. In a new filing, the company reported that it raised $100 million, from 1,100 purchasers, of a planned $250 million offering of tokens. The tokens haven’t yet been issued, the company said, and it added there is no assurance it will ever issue the tokens.
The idea that the US government is going to sit back and not stick its nose in the sector is delusional.
-RW
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