In an interview with FOX Business Network's Maria Bartiromo, Overstock CEO Patrick Byrnes said digital is the future of the bond market.
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Byrnes discussed how the company issued its first Blockchain-powered bond yesterday that "can’t be rigged."
“Basically we’ve used the technology underlying the bitcoin movement… The technology underlying it can be used to re-create Wall Street… and create a system… like a crypto-version of Wall Street that can’t be gamed, can’t be rigged -- like all the scandals you’ve been hearing about for 6 or 7 years can’t be done --and we demonstrated it by issuing the first crypto-bond and there’s more to come,” he said.
Although crypto bonds aren’t regulated by the SEC, Byrnes says they still need to work through the regulatory process.
“Well the crypto-bond didn’t have to be SEC approved but there’s a lot of other things going on that do require the SEC approval and they and Jones Day and Perkins Coie are sort of gradually working us through the SEC regulatory process,” he said.