Stacks (STX) saw a significant surge of nearly 9% following the U.S. Securities and Exchange Commission’s (SEC) landmark decision. Recently, the U.S. SEC decided to conclude a three-year investigation into Hiro Systems, previously known as Blockstack. The SEC had been scrutinizing the blockchain software developer due to $70 million raised in token sales between 2017 and 2019.
Regulator Ends Probe Against Hiro
This news, disclosed in a Friday filing, marks a notable victory for the crypto sector in its ongoing regulatory struggles. The SEC’s division of enforcement issued a letter to Hiro, stating:
“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, formerly known as Blockstack PBC.”
This letter, attached to the latest filing, contained a standard limitation that the notice should not be interpreted as a full absolution. Moreover, it also does not rule out the possibility of future ac
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