Is Blockstack's stacks token a security?

However, with the introduction of Blockstack's Stacks Blockchain 2.0 on Jan. 14, 2021, Stacks tokens can be traded by U.S. investors on U.S. digital asset exchanges because Blockstack's network will be no longer be controlled by any single entity. Therefore, its Stacks token can no longer be considered a security under SEC regulations. 2

What is stacks token (STX)?

Stacks token (STX) is the cryptocurrency of the decentralized computing platform Blockstack. Blockstack is a project that utilizes blockchain technology to expand the functionalities of bitcoin by serving as a second layer protocol.

What is Blockstack (block)?

The Blockstack network supports tokens, like bitcoin, and other cryptocurrencies and is available for peer-to-peer (P2P) transfer or charging for downloads, subscriptions, and more. In a still largely unregulated cryptocurrency market, Blockstack received the first-ever approval by the SEC to sell bitcoin-like tokens in an initial public offering.