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20 January 2021

Blockstack Says Its Cryptocurrency Can Soon Start Trading in US - Decrypt

Blockstack Says Its Cryptocurrency Can Soon Start Trading in US - Decrypt


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The Stacks token (STX) will no longer constitute a security when the Stacks 2.0 blockchain launches next month, claims Blockstack PBC, the company that has for over a year has held off listing its token on major exchanges until it was certain that the US Securities and Exchange Commission wouldn’t sue it for securities violations. .

Blockstack PBC today published a legal memorandum in which its independent counsel, US law firm Wilson Sonsini Goodrich & Rosati, argued that the mainnet launch of the Stacks 2.0 blockchain, set for 14 Jan, 2021, means that there’s no way the US Securities and Exchange Commission can consider STX a security.

Blockstack has always argued that the Stacks token is a utility token—one that is genuinely useful and is not traded for purely speculative purposes—a common defense that crypto companies use when arguing that a coin is not a security.

With the launch of Stacks 2.0, Blockstack claims that the STX token willdefinitelyno longer be a security since the upgrade decentralizes control over the token—this means that Blockstack will play a less hands-on role in the development of the network. 

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