You could argue that the crypto industry should be crowdsourcing Blockstack’s legal expenses.  Blockstack’s trailblazing work with the Securities and Exchange Commission on the initial coin offering (ICO) for its native Stacks (STX) tokens made headlines in mid-2019. On Monday, Cointelegraph reported on Blockstack’s legal analysis that said that upon the launch of its 2.0 network next month, Stacks will be sufficiently decentralized to leave the status of a security. Blockstack itself will be rebranding to Hiro Systems to further encourage the independence of Stacks tokens.

The recent legal memo is using the independence of the new network and its current diverse array of stakeholders to prove that buying STX is no longer an investment in Blockstack. The SAFT framework tried to do something similar by splitting the initial investment from the token that you'd get at the end of the product's development. Blockstack's idea here is that you can take the same token and prove that you no longer have a stake in it. Blockstack's strategy includes rescinding the firm's role in mining and, consequently, its ability to make future decisions for the network, in which miners are the ones who vote on protocol changes. It promises: ”PBC will not be a miner, will not provide mining services, and will have no ability to approve or prevent changes to the Stacks Blockchain.”

>"Blockstack's ecosystem has exceeded the firm that gave it life, argues the CEO."

>"Blockstack's ecosystem has exceeded the firm that gave it life, argues the CEO."