SEC Ends Investigation into Hiro Systems with No Action

Jul 12, 2024, 01:48 PM

The U.S. Securities and Exchange Commission (SEC) has concluded a three-year investigation into Hiro Systems, a blockchain software developer formerly known as Blockstack. Hiro Systems raised $70 million in $STX token sales from 2017 to 2019. The SEC decided to end the investigation with no enforcement action recommended. Hiro Systems is known for developing tools for the Stacks blockchain, a Bitcoin layer-2 solution. Marc Hochstein reported on this development.