“The U.S. Securities and Exchange Commission has dropped a three-year investigation into blockchain software developer Hiro Systems (formerly Blockstack), which sold $70 million in tokens between 2017 and 2019, according to a statement Friday. 🎉

It's another victory for the crypto industry in its years-long battle with the regulator and follows news Fortune reported earlier this week that the agency had ended an investigation into stablecoin issuer Paxos. 🚀

Hiro provides tools for developers to build applications on Stacks, a layer-2 blockchain that complements Bitcoin. Stacks is the brainchild of crypto industry veteran Muneeb Ali, who is now CEO of Trust Machines and a board member at Hiro. 🧠

In January 2021, a new version of Stacks was launched with a new consensus mechanism (proof of transfer). In Hiro's mind, the network was completely decentralized. 🌐

Friday's filing marks the end of that investigation and likely the removal of the sword of Damocles hanging over the firm. 🗡️

Come on, what do you think about this? Let's discuss in the comments!#DeFi#Web3"