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In a Monday blog post, Blockstack CEO Muneeb Ali published a legal memorandum in which the firm argues that its Stacks tokens will no longer qualify as securities once the new blockchain launches?

But what does the new blockchain have to do with securities law.

Blockstack held its initial coin offering under an exemption with the Securities and Exchange Commission, by which Blockstack registered information about its token and operations with the SEC, but also was prevented from trading freely within the U.S.

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