SEC Drops Investigation into Hiro Systems’ $70 Million Token Sales

The United States Securities and Exchange Commission (SEC) has concluded a three-year investigation into Hiro Systems, the entity behind Bitcoin’s Stacks layer-2 blockchain, which raised $70 million through token sales between 2017 and 2019. According to a regulatory filing on July 12, the SEC has decided not to pursue enforcement action against Hiro Systems PBC, formerly known as Blockstack PBC. In a letter included in the filing, the SEC stated, “Based on the information we have as of this date, we do not intend to recommend an enforcement action by the Commission against Hiro Systems PBC.” This decision marks a