Syscoin 3.0 Update
As most people who follow the blockchain space will know, there have been several important regulatory developments over the past few months, some of which are applicable to Blockchain Foundry and Syscoin, and all of which we need to pay close attention to.
On March 7, the SEC released its “Statement on Potentially Unlawful Online Platforms for Trading Digital Assets”. In reference to online cryptocurrency exchanges, part of the statement reads: “A number of these platforms provide a mechanism for trading assets that meet the definition of a ‘security’ under the federal securities laws”. This has important implications for many blockchain companies such as Blockchain Foundry and cryptocurrency projects like Syscoin, who strive to meet rapidly changing compliance standards.
Over the past several months, Blockchain Foundry has been working with our legal team to define and strengthen our view that Syscoin is not a security. Given the recent SEC update, this analysis is more important than ever, especially as some trading platforms have been delisting tokens that have not made an effort to take compliance seriously.
We have been advised that because Syscoin 3.0 introduces a new level of complexity and functionality into our protocol, it is necessary to undertake a similar analysis of the Syscoin 3.0 protocol prior to release. This analysis will ensure that Syscoin remains actively listed and traded at all exchanges who are taking compliance seriously.
These analyses take time and we are therefore rescheduling the release date of Syscoin 3.0 to April 30th, 2018. Our original target of March 31st is no longer valid because it is of paramount importance that we remain compliant and that we do things properly at this juncture if we are going to remain a credible player in the space. We understand that we are making short term sacrifices in order to endure the long haul and compliance is the only way to do that.
The new release date give us more time to perform additional security and performance testing while the analysis is being completed. We thank our amazing community for its support and will continue to provide updates as they are available for the Syscoin 3.0 release.