(Date: Friday 12 July 2024, 02:09 PM GMT):
In a significant development for the cryptocurrency market, the U.S. Securities and Exchange Commission (SEC) has officially ended its three-year investigation into Hiro Systems, formerly known as Blockstack, without taking any action. Hiro Systems raised $70 million in token sales between 2017 and 2019, and the conclusion of this investigation is seen as a notable victory for the crypto industry in its ongoing struggle with regulatory authorities.
Hiro Systems announced the news in a blog post, stating, “Earlier this week, we received word from SEC staff that the investigation they opened into Hiro and the Stacks blockchain 3+ years ago is being closed without any action.”
On July 9, 2024, Hiro Systems was informed by the SEC staff that the investigation had been concluded and that there was no intention to recommend an enforcement action. This news has brought relief and optimism to the Stacks community and the broader crypto industry.
Following the announcement, the price of the Stacks token surged by 4%, reaching $1.70, with a market capitalization of $2.51 billion. This positive market reaction reflects the community’s confidence in the project’s future now that the regulatory uncertainty has been resolved.
Overall, the end of this investigation without any action taken is a promising sign for the cryptocurrency industry, indicating a more balanced approach from regulatory bodies and a brighter outlook for innovative blockchain projects like Stacks.
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