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MONTH-IN-BRIEF (Aug 2019)

Securities Regulation

SEC Qualifies First Token Offering Under Regulation A

By: F. Dario de Martino, John T. Owen, Alfredo B. D. Silva, Susan I. Gault-Brown, Daniel R. Kahan, and Dylan Kelsey Naughton, Morrison & Foerster LLP

On July 10, 2019, Blockstack Token LLC (“Blockstack”), a wholly-owned subsidiary of Blockstack PBC, a Delaware public benefit corporation, became the first company to have an offering of digital assets qualified by the U.S. Securities and Exchange Commission (“SEC”) under Regulation A.

Blockstack is a technology company that offers an open-source blockchain-enabled network for developers to build and publish their own decentralized applications. According to Blockstack’s website, over 165 applications have been built on the Blockstack platform. Purchasers of Blockstack’s tokens (“Stacks Tokens”) will be able to use the tokens on its platform.

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