Is Inspiring Refrain legal in Standard, Modern, and Commander?

Inspiring Refrain is legal in: Legacy, Vintage, Commander.

What type of card is Inspiring Refrain?

Inspiring Refrain is a Sorcery. Its oracle text reads: "Draw two cards. Exile Inspiring Refrain with three time counters on it. Suspend 3—{2}{U} (Rather than cast this card from your hand, you may pay {2}{U} and exile it with three time counters on it. At the beginning of your upkeep, remove a time counter. When the last is removed, you may cast it without paying its mana cost.)"

Inspiring Refrain

Sorcery

Draw two cards. Exile Inspiring Refrain with three time counters on it.

Suspend 3— (Rather than cast this card from your hand, you may pay and exile it with three time counters on it. At the beginning of your upkeep, remove a time counter. When the last is removed, you may cast it without paying its mana cost.)