According to Foresight News, the U.S. Securities and Exchange Commission (SEC) has abandoned its three-year investigation into Hiro Systems, formerly known as Blockstack. The company raised $70 million in token sales between 2017 and 2019. The conclusion of this investigation marks another victory for the crypto industry in its years-long struggle with regulatory authorities.

Blockstack launched the first version of the Stacks chain in 2018. Initially, the company treated its STX tokens as securities. In January 2021, a new version of Stacks was launched with a new consensus mechanism, known as proof of transfer. According to Hiro, the network has now become fully decentralized.