tZero to Present Platform Prototype

According to the CEO of the tZero, they are still waiting for the SEC's feedback regarding the investigation
10 April 2018   1030

The company tZero, a subsidiary of the retail giant Overstock, presented the prototype of the upcoming block-trading platform for trading. This is reported by CoinDesk.

Currently, the company is studying th users feedback about the new platform, the full launch of which is expected in May this year.

According to Patrick Bern, CEO of Overstock, this prototype will give users an idea of the scope of what tZero plans to do.

However, tZero CEO Joseph Kammarata noted that the company is still waiting for a response from the Securities and Exchange Commission (SEC), which is currently conducting an investigation regarding the tZero's ICO.

We anticipate the security token trading software will be ready to trade security tokens in May, subject to developing further regulatory clarity. We have been working hard on getting this prototype right and look forward to user feedback.
 

Joseph Kammarata

CEO, tZero

It is worth reminding that during the first day of ICO, tZero raised $100M. Also, SEC started the investigation regarding the tokensale due to possible federal securities law violation.

Gladius to Register Token as Security & Refund Investors

Startup self-reported in SEC on unregisted securities offering and cooperate with Commission, so it won't be fined
21 February 2019   95

Cryptocurrency startup Gladius Network LLC has informed the US Securities and Exchange Commission (SEC) about the sale of unregistered securities. On February 20, the SEC filed relevant charges.

During the ICO, the Gladius project raised $ 12.7 million in cryptocurrency equivalent for the development of a network for leasing computing facilities to protect against cyber attacks. The SEC stressed that the startup did not register their tokens as securities, as required by federal law, and did not agree to exclude them from the rules in the legal manner.

Moreover, tokensale was held after the publication of the SEC report on the situation with The DAO, in which the regulator stated that ICO can offer securities.

The press release says that Gladius contacted the SEC in the summer of 2018 and expressed interest in cooperating with the investigation. Thus, the agency refused to levy a fine, because the startup voluntarily agreed to return the funds to investors who require it and register the token in accordance with the provisions of the Securities Act of 1934.