TZERO Settles SEC Charges It Violated Disclosure Rules

1/11/2022 3:06:00 AM

The alternative trading system will pay an $800,000 fine.

The SEC alleged that blockchain-based trading platform tZERO violated federal disclosure rules, fining the company $800,000 and issuing a cease-and-desist as part of a settlement with the firm. nikhileshde reports

The alternative trading system will pay an $800,000 fine.

. The company apparently also did not file an amendment to its Form ATS with the SEC for more than two years after it began sharing this information, despite the fact that it was required to.TZERO is an alternative trading system (ATS), a trading platform regulated differently from national stock exchanges. The company, which is affiliated with Overstock, also offers trading and settlement services for security tokens, or securities recorded on a blockchain.

In the settlement, tZERO is barred from further regulatory violations along with receiving its relatively light fine.“Whether and how an ATS displays orders and trading interest is fundamental to any ATS’s operations, because order display provides buyers and sellers with the expectation of liquidity in the ATS and the potential execution of a participant’s orders,” the SEC order said.

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The company apparently also did not file an amendment to its Form ATS with the SEC for more than two years after it began sharing this information, despite the fact that it was required to. TZERO is an alternative trading system (ATS), a trading platform regulated differently from national stock exchanges. The SEC boss also bemoaned the lack of compliance within the industry, claiming "way too many" cryptocurrency projects that are securities are trying to masquerade as something else in order not to go through the hassle of registering with the SEC: Unfortunately, way too many of these are trying to say 'Well, we are not a security. The company, which is affiliated with Overstock, also offers trading and settlement services for security tokens, or securities recorded on a blockchain. According to the settlement, tZERO failed to disclose several changes to its operations within the normal timings. In the settlement, tZERO is barred from further regulatory violations along with receiving its relatively light fine.' Gensler has repeatedly dodged the same question during his tenure, claiming that the SEC will not comment on specific cryptocurrencies. “Whether and how an ATS displays orders and trading interest is fundamental to any ATS’s operations, because order display provides buyers and sellers with the expectation of liquidity in the ATS and the potential execution of a participant’s orders,” the SEC order said.” The two companies are Crowd Machine Inc.

TZERO proposed the settlement, which the SEC accepted, according to the order. He also refused to comment on the ConsitutionDAO project, a decentralized autonomous organization that made headlines in late 2021. trading information from Blue Ocean Financial Technology (a Singapore-based firm that tZERO acquired in 2017), a subscribing broker's publication of tZERO's security token pricing on its platform, and the way it was vetting user access to the platform itself. Under the terms of the settlement, TZERO is neither admitting nor denying the SEC’s findings. This is the SEC’s second enforcement action and settlement in 2022, following a settlement with decentralized prediction market Polymarket earlier this month.2 million for a rare copy of the U. DISCLOSURE The leader in news and information on cryptocurrency, digital assets and the future of money, CoinDesk is a media outlet that strives for the highest journalistic standards and abides by a . Despite earlier hype around security token offerings or STOs, the market has been plagued by limited venues for trading.