(Date: Friday 12 July 2024, 02:25 PM GMT):
Good news for the Stacks $STX project and the broader cryptocurrency community! The U.S. Securities and Exchange Commission (SEC) has concluded its three-year investigation into Hiro Systems, formerly known as Blockstack, without taking any action. This development marks a significant victory for the crypto industry, which has long been grappling with regulatory scrutiny.
Hiro Systems shared the update in a blog post, stating, "Earlier this week, we received word from SEC staff that the investigation they opened into Hiro and the Stacks blockchain 3+ years ago is being closed without any action."
On July 9, 2024, Hiro Systems were officially informed by the SEC staff that the investigation, which had been ongoing for over three years, was concluded, and there were no plans to recommend any enforcement actions.
Following this positive news, the Stacks token saw a notable surge, rising by 4% to trade at $1.70. The market cap of Stacks now stands at $2.51 billion.
This development not only boosts confidence in the Stacks project but also serves as an encouraging sign for other cryptocurrency projects facing regulatory challenges.
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