SEC Drops Investigation of Bitcoin L2 Stacks Builder Hiro, Filing Says
Summary
The U.S. SEC ended a three-year investigation into Hiro Systems, a blockchain software developer that raised $70 million in token sales. The SEC's division of enforcement stated it does not intend to recommend an enforcement action against Hiro. The company, formerly known as Blockstack, launched the Stacks chain and treated tokens as securities initially. After launching a new version of Stacks in 2021, Hiro believed the network had become fully decentralized. The SEC was skeptical and inquired about this, but the recent filing marks the end of the inquiry.
