Acting Overstock CEO Jonathan Johnson said the SEC’s investigation into the sale of tokens by tZERO’s subsidiary is “almost inactive.”
“We have not received requests for information from the Securities and Exchange Commission (SEC) for almost a year,” said Jonathan Johnson in an interview with Fox Business.
Recall that the SEC launched an investigation into the sale of tZERO tokens for $ 250 million in February 2018 to determine whether the company violated any federal securities laws.
Late last month, Overstock CEO and founder Patrick Byrne unexpectedly resigned, suggesting that his decision was related to the SEC investigation into tZERO.
“We spent a lot of money to process the SEC’s requests for information and put an end to this,” Johnson said.
Overstock General Counsel Glen Nickle recently said the company continues to work with the SEC: “I think the investigation is going well and we will continue to work to deal with this situation as quickly as possible.”
Earlier last month, tZERO announced that it would launch public trading of token stocks on August 12. Earlier, the company announced that in June it will release an application for trading bitcoin and ether.
In addition, in August, the company received a patent for the technology for settling settlements on tokenized assets in the blockchain.