Hiro PBC (formerly Blockstack PBC), filed a form 1-U report with the SEC yesterday that summarizes the successful adoption of the Stacks blockchain by independent miners and the board approval of management’s determination to no longer treat the Stacks cryptocurrency as a security under U.S. federal securities laws.
In an earlier SEC filing on December 7th, PBC discussed the release of a summary legal memorandum that describes the legal framework and analysis of Stacks tokens upon successful adoption of Stacks 2.0, under the U.S. Supreme Court’s Howey test.
“Based on the analysis set forth in the Memorandum and summarized in the Summary, [PBC] believes that, following the adoption of Stacks Blockchain 2.0, trading platforms may permit U.S. persons to trade Stacks Tokens without the trading platform being required to register as an exchange or an alternative trading system, the mining of Stacks Tokens on the Stacks Blockchain 2.0 should be permitted, and Stacks Tokens should be freely tradeable, because the Stacks Tokens should no longer be securities.” PBC’s SEC 1-U filing from December 7th.
The Stacks blockchain has processed 700+ blocks, and 40+ miners and 1000+ nodes have participated on the network since the launch of Stacks 2.0 on January 14. See this recent status update covering Stacks 2.0.
This blog (blog.blockstack.org) will no longer receive new posts and will be available only as an archive. Hiro PBC plans to have a developer-focused blog on the new website hiro.so. Readers looking for Stacks related news and announcements can go to the Stacks ecosystem blog at blog.stacks.co to find updates about the project from various entities and individuals across the decentralized ecosystem.
We, at Hiro PBC, are excited for this new chapter of building a user-owned internet on Bitcoin!