Overstock's tZero has been hoping to use a token sale to raise $250 million. In its 8K filing today, reports Chris Morris at Fortune, tZero disclosed:
" ... the SEC's enforcement division requested 'certain documents related to the offering and the tokens' in February."
In pre-market trading, Overstock's stock price was down 10%. After the market opened, it was still down about 6%.
Overstock is not the only crypto trader SEC is investigating. But, according to The Wall Street Journal, the others have not been named.
The global market for cryptocurrencies is essentially unregulated.
Every time there is a threat of regulation or an actual regulation, the market prices of various cryptocurrencies usually plunge. However, the virtual asset is proving resilient. Its value keeps recovering - and increasing.
Among the global brand ambassadors for cryptocurrencies are Michael Arrington and the Winklevoss Twins.
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