The Securities and Exchange Commission (SEC) has officially closed its investigation into Hiro and the Stacks blockchain without recommending any enforcement action. This investigation, which spanned over three years, has been a pivotal chapter in the history of the Bitcoin Layer-2 network. The SEC’s Enforcement Division initiated the investigation following the first-ever SEC-qualified offering by Stacks in 2019.
On July 9, Hiro was notified by the SEC staff that the investigation had been concluded, and no enforcement action would be taken. This news was met with relief and satisfaction by the team, as it signaled a positive outcome for the company in the blockchain space. The closure of the SEC investigation is seen as a significant victory, reaffirming Hiro’s commitment to regulatory compliance and its mission to support developers building and innovating on Bitcoin.
Muneeb Ali, a board member of Hiro Systems, expressed his satisfaction with the outcome of the investigation. He noted that Hiro had diligently cooperated with the SEC over the past three years, providing all requested information to explain the workings of the Stacks network and Hiro’s role within it. Ali emphasized the importance of a regulatory system that supports builders of innovative open protocols, stating that the US can do better in this regard.
The conclusion of the SEC investigation has been viewed as a positive sign for the future of Bitcoin and the next generation of the internet. Hiro’s commitment to its mission and the broader Stacks ecosystem has been bolstered by this outcome. The team remains dedicated to creating a clear regulatory framework in the US and looks forward to shaping policies that support the builders of innovative open protocols.
The closure of the SEC investigation into Hiro and the Stacks blockchain marks a significant milestone in the history of the Bitcoin Layer-2 network. This outcome not only reaffirms Hiro’s commitment to regulatory compliance but also highlights the importance of creating a supportive regulatory environment for companies in the blockchain space. The team at Hiro is optimistic about the future and remains focused on building the next generation of the internet where users have unprecedented control and ownership.
Leave a Reply