According to Foresight News, the U.S. Securities and Exchange Commission (SEC) has dropped its three-year investigation into Stacks developer Hiro Systems (formerly Blockstack), which raised $70 million in token sales between 2017 and 2019. The conclusion of the investigation is another victory for the crypto industry in its years-long battle with regulators.
Blockstack launched the first version of the Stacks chain in 2018. In the early days, the company considered the tokens it sold, STX, to be securities. In January 2021, a new version of Stacks was launched with a new consensus mechanism (Proof of Transfer). In Hiro's view, the network is now fully decentralized.