# kaal:claim:3411110-006

**Claim.** The defining legal difference between the Overstock offering and a traditional offering is that the purchaser had to hold the record directly as beneficial owner and could not delegate custody to the broker, so the securities were not held in street name.

**Type.** definitional  **Support.** argued

**Holds when.**

- Overstock Series A digital securities traded on the PRO ATS

**Source quote.**

> The core difference between the OSTK offering and a traditional securities offering is that the purchaser of OSTK must hold the record directly and as beneficial owner of the securities could not delegate the authority to hold the securities to the broker

**From.** Wulf A. Kaal, Samuel Evans, *Blockchain-Based Securities Offerings* (2019), II. Overstock Blockchain Securities Offering, page 8

**Cite as.** Wulf A. Kaal, Samuel Evans, Blockchain-Based Securities Offerings (2019). SSRN: https://ssrn.com/abstract=3411110

**Verify.** sha256 of source PDF `c7626eeb7642045b79f8745df1f7232a8fe8bc44a1f7e87b592850e35b392b50` at https://raw.githubusercontent.com/wulfkaal/Academic-Papers/main/papers/pdf/Kaal%20and%20Evans%20-%202019%20-%20Blockchain-Based%20Securities%20Offerings.pdf

**Topics.** defi

**Keywords.** street-name, beneficial-ownership, custody, overstock, broker-dealer

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