According to TechFlow, on July 12, CoinDesk reported that according to a document on Friday, the U.S. Securities and Exchange Commission (SEC) abandoned its three-year investigation into Bitcoin L2 stack builder Hiro Systems (formerly Blockstack). The company raised $70 million through token sales between 2017 and 2019. In a letter to Hiro in the attachment to the document, the SEC Enforcement Division stated: "Based on the information we currently have, we do not intend to recommend that the Commission take enforcement action against Hiro Systems PBC (formerly Blockstack PBC)."