SEC Closes its Investigation into Blockchain Software Developer Hiro Systems

The US Securities and Exchange Commission has ended a three-year investigation into Hiro Systems, formerly known as Blockstack, a blockchain software developer that raised $70 million through token sales between 2017 and 2019.

This development is seen as another victory for the crypto industry in its ongoing battle with the regulator. Earlier this week, it was reported by Fortune that the SEC had also concluded an investigation into stablecoin issuer Paxos.

According to a filing made on Friday, the SEC’s enforcement division stated that they had no intention of recommending any action against Hiro Systems PBC.

However, they did include a standard disclaimer stating that this notice should not be interpreted as an exoneration or ruling out of potential future actions resulting from the investigation.