đ° The US Securities and Exchange Commission (SEC) has dropped its three-year investigation against blockchain software developer Hiro Systems (formerly Blockstack), which raised $70 million through token sales between 2017 and 2019, according to CoinDesk. đ”ïžââïžđŒ
âBased on available information, we do not plan to propose legal action against Hiro Systems PBC (formerly Blockstack PBC),â the SEC said in a letter to Hiro. However, the caveat was added that this does not mean that he is "free from liability". đâïž
Hiro provides developers with tools to build applications on Stacks (a Layer2 blockchain that complements Bitcoin). Stacks is the brainchild of crypto veteran Muneeb Ali, who is now a board member of Hiro and CEO of Trust Machines. đ ïžđĄ