SEC Concludes Stacks Investigation Without Enforcement Action
The U.S. Securities and Exchange Commission (SEC) has closed its investigation into Stacks, a Bitcoin scaling network, and Hiro Systems, its developer, without pursuing any enforcement actions.
The SEC informed Hiro Systems on July 9, 2024, that it concluded its inquiry into the Stacks Blockchain, finding no grounds for enforcement actions based on available information.
This conclusion comes after a lengthy and costly investigation spanning three years, which insiders described as financially burdensome and highly invasive.
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Despite assertions that their token sale was SEC-qualified, Hiro Systems faced scrutiny.
They emphasized their commitment to regulatory compliance and support for developers innovating on the Bitcoin platform in a recent blog post.
The closure of the SEC’s investigation is a relief for Hiro Systems, who navigated what was described as a challenging process with regulatory authorities.
Alexander Stefanov
Reporter at CoinsPress
Alex is an experienced finance journalist and a cryptocurrency and blockchain enthusiast. With over five years of experience covering the industry, he deeply understands the complex and constantly evolving world of digital assets. His insightful and thought-provoking articles provide readers with a clear picture of the latest developments and trends in the market. His passionate approach allows him to break down complex ideas into accessible and insightful content. Follow up on his content to be up to date with the most important trends and topics - stay ahead of the curve with CoinsPress.
