Overstock Wants To Pay Its Employees in Bitcoin and to Issue Stock Via Bitcoin TechnologiesOverstock is again leading innovation in the bitcoin space. The company lead the push for bitcoin adoption back in December when it became the largest US retailer to accept BTC payments (since overshadowed by both the DISH network and Dell Computers).Now Overstock is looking to pay the bonuses of its employes with the virtual currency. Overstock representative Judd Bagley said that the company will do the scheme as a trail and if everything goes well, it wants to eventually pay its employees in bitcoin:”The first step will be to offer to pay employees their annual bonuses in bitcoin.
Those will be paid out during the first quarter of 2015.Participation will be incentivized by adding a small premium to the bonus for those who opt to receive it in bitcoin. Depending on how that works out and is received, we will look at making regular payroll checks available in bitcoin.”In other Overstock/Bitcoin related news, in a recent interview the CEO of the company Patrick Byrne, said that the firm is thinking about ways it can offer a ”crypto security”.
The plan is to use the bitcoin blockchain and make it as close to their common stock as possible and to have it trade at the same price.Byrne went a step further when he suggested that the DTCC (Depository Trust & Clearing Corporation, a company that provides clearing and settlement of US securities), should be replaced by a blockchain based solution.Overstock CEO Patrick Byrne confirmed the company is exploring the issuing of stock on bitcoin technologies. This would make it the first publicly traded company to do so.
Byrne wants the new securities to be as close to common stock as possible: having voting rights, receiving proxy statements and complying with government laws.U.S. Representative: NYDFS Proposal OppressiveTexas Representative Steve Stockman said the New York Department of Financial Services BitLicense is oppressive for small businesses. He said the regulations don’t help bitcoin companies, but instead are banker-friendly and growth harming.Stockman continued by saying the regulations are “a banker’s dream come true.
It’s basically putting a hedge around the banks, protecting the banks.”He urges the bitcoin community to gain consensus on sensible regulations and educate lawmakers on their position.
