The U.S. Securities and Exchange Commission has dropped a three-year investigation into Hiro Systems, a blockchain software developer (formerly known as Blockstack) that raised $70 million in token sales from 2017 to 2019, according to a statement Friday.
This is another victory for the crypto industry in its years-long battle with the regulator and follows news that the agency has dropped its investigation into stablecoin issuer Paxos.
Hiro develops tools for developers to build applications on Stacks, a layer-2 blockchain that complements Bitcoin. Stacks is the creation of crypto industry veteran Muneeb Ali, who is now the CEO of Trust Machines, another developer in the ecosystem, and a board member of Hiro.