There is a bit of a hiccup in the update because of a particular Steam policy that I was not aware of.
Don't worry; the game itself is still ready. I just have some bureaucratic red tape to take care of before launch. This won't happen with future patches. It's just one of those things I am still learning about the developer side of Steam as a whole.
The issue shouldn't take more than a couple days to resolve, and then the update will be released. Thanks for your patience!