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Jafrin Ahmed
Dec 9, 2020
by Jafrin Ahmed

Blockstack's STX Could Be Tradable in the U.S. Amid Blockchain 2.0 Launch

Blockstack's STX Blockchain 2.0
Blockstack’s Stacks (STX) token could be a tradable asset in the United States. Its STX token will soon be available to investors once it’s no longer considered as a security under the SEC. The transition from the SEC recognized security to non-security signifies that the utility token will soon be tradable on popular cryptocurrency exchanges such as Binance, Coinbase, Kraken, etc. The public trading of the token will also coincide with the launch of its newest blockchain Stacks 2.0.

Blockstack STX Token Could Be Tradable in the U.S.

On Dec. 7, co-founder of Blockstack Muneeb Ali was interviewed by Reuters where he updated on the firm. He also summarized the legal memorandum for achieving compliance later that day. The legal memorandum was prepared by Blockcstack’s independent counsel, Wilson Sonsini Goodrich & Rosati, PC (WSGR).

As per Ali, Blockstack is planning on launching its STACKS 2.0 on Jan. 14, 2021, while transitioning itself into a fully decentralized company. Its STX token will no longer have its security status. Such a move will enable the STX token to allow both the mining and trading of the token in the United States.

Even after transitioning to abandon its securities status, Ali said that it will be up to the cryptocurrency exchanges whether they would list the STX token, saying:

“I’ll leave it to the exchanges to make their own decisions and announcements.”

Once Stacks 2.0 Launches, Exit Report Will Be Filed

Once Stacks 2.0 launches, the decentralized cloud computing platform for building decentralized applications will file for an exit report to the U.S. SEC.

The firm’s CEO Muneeb Ali further highlighted that:

“Upon the launch of Stacks 2.0, Blockstack PBC anticipates that neither it nor anyone else will play an essential managerial role under Howey because the operation and governance of the Stacks 2.0 blockchain will be so diffuse and decentralized.”

Blockstack had launched its token sale in 2019 after the firm filed with SEC’s Regulation A+  Crypto Token sale. The move made Blockstack the first to raise a token sale through the securities market.

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Blockstack's STX Could Be Tradable in the U.S. Amid Blockchain 2.0 Launch
Jafrin Ahmed
Jafrin is a cryptocurrency journalist/researcher fascinated by the world of decentralization. She is hopeful towards blockchain’s innovation and its potential to reshape the world for good. Currently, she is bringing out the best of cryptosphere via covering the latest ins and outs of the blockchain space.

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