The U.S. Securities and Exchange Commission has dropped its investigation into Hiro Systems PBC, according to a regulatory filing published Friday.
The agency’s investigation included Hiro’s Stacks Blockchain, a blockchain designed to scale Bitcoin.
“On July 9, 2024, Hiro Systems PBC (‘Hiro’) was informed by the Securities and Exchange Commission (‘SEC’) staff that the staff had completed its investigation of Stacks Blockchain and that, based on information known to the staff as of that date, the staff did not intend to recommend any enforcement action by the SEC against Hiro,” according to the Form 1-U filing. Companies use this form to report material changes.
SEC this week too Dropped it Following our investigation into the stablecoin Binance USD, we have started investigating Paxos. Paxos received a “formal notice of termination” on July 9, stating that the SEC would not be recommending enforcement against the company in connection with the BUSD investigation.
Hiro, formerly known as Blockstack, has partnered with the SEC to conduct a $50 million token offering in compliance with SEC regulations. Regulation A+ 2019 Framework. Regulation A has been amended to provide registration exemption for small matters. Regulation A+ revision A regulation created in 2015 to increase the annual offering amount to $50 million.
Blockstack was founded in 2013 by Ryan Shaye and Muneeb Ali while they were students at Princeton University. In 2017, Blockstack raised $52 million through a token sale. Coinlist.
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About the Author
Sarah is a reporter covering policy, regulation, and legal issues for The Block. Previously, Sarah was a securities regulation reporter at CQ Legal, where she first began reporting on cryptocurrencies. Sarah has also written for other financial publications, including The Bond Buyer and American Banker. She graduated from the University of Missouri with a degree in print and digital journalism. Sarah lives in Washington, D.C., and is an avid coffee drinker. You can follow her on Twitter @ForTheWynn.