|
April 28, 2015, 02:31:52 AM |
|
On Friday, the Salt Lake City-based online retailer filed a prospectus with the Securities and Exchange Commission that indicates it may issue up to $500 million in stock or other securities using technology akin to the online software system that underpins bitcoin. “We may decide to offer securities as digital securities…the ownership and transfer of which are recorded on a cryptographically-secured distributed ledger system using technology similar to (or the same as) the distributed ledger technology used for trading digital currencies,” the filing reads.
This past summer, Overstock’s free-thinking CEO, Patrick Byrne, said that the company was hoping to issue a “cryptosecurity” using bitcoin-like technology, and he hired both the developers and the lawyers needed to do so. Now, he and his company have taken the idea to government regulators. As Byrne puts it, he’s calling on the SEC to “sprinkle holy water” on his push towards digital securities. “This is a decision point for the establishment,” he says.
Patrick is a boss and is always trying to make moves ahead of the norm, love it and hope all goes well. One more peripheral addition to making Bitcoin the hotness that it is.
|