Yep, parse their words rather than the promotional context that they would like to present. The product needs to be leased to an existing existing Broker Dealer - Alternative Trading System ("ATS") in an effort to be compliant with regulatory rules. The SEC advised in 2020 that "recommendation to apply for Alternative Trading System ("ATS") status..." this would apparently be their best bet with regard to regulatory oversight. Guess what, they have been unable to do for three years now. As of September 2023 "no ATS has committed to an arrangement".
The March 2023 press release was even more direct. "...there can be no assurance that such regulatory approvals will be obtained in a timely manner or at all" and best of all "The BDTP™ is not yet functional and may never be functional".
The Platform is designed to function in the existing Broker Dealer back-office operations within the confines of existing rules or regulations. A Blockchain FirstTM sample transaction is as follows:...
At this time, no ATS has committed to an arrangement. We intend to continue having discussions with various ATS's until we have secured an arrangement that will allow the BDTP™ platform to operate.
The Company is positioning itself to trade BEGI common shares digitally on Amazon's Blockchain while complying with the rules and regulations within the Broker Dealer Eco-System.
In July 2020, the Company presented the concept to SEC FinHub staff members for regulatory guidance and received the recommendation to apply for Alternative Trading System ("ATS") status. Given that guidance, we are evaluating our options for finalizing the BDTP, including exploring partnerships with existing ATS's. BlackStar will continue to seek further input from various regulatory agencies and OTC Markets on the potential functionality and regulatory aspects of the BDTP over the next several months.
We believe it may take an additional six to nine months to address SEC comments and questions, and there is no assurance that we will be successful in our shares being approved or cleared for trading on our BDTP™ platform. The BDTP™ is not yet functional and may never be functional.
BlackStar looks forward to the next steps of seeking a relationship with an alternative trading system and/or broker dealer and seeking any further regulatory approvals for trading its shares on a blockchain platform. We believe the Company is on the path to bringing its proposed business plan to reality. However, there can be no assurance that such regulatory approvals will be obtained in a timely manner or at all.