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The SEC has concluded its investigation into Hiro Systems PBC’s Stacks Blockchain. The SEC also terminated a separate investigation against Paxos following an investigation into stablecoin Binance USD, according to a regulatory filing released Friday.
The U.S. Securities and Exchange Commission (SEC) has concluded its investigation into Hiro Systems PBC. The agency’s investigation was related to the Stacks Blockchain, which was designed to scale Bitcoin.
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According to a Form 1-U filing, “On July 9, 2024, Hiro Systems PBC (“Hiro”) concluded its investigation of Stacks Blockchain by Securities and Exchange Commission (“SEC”) staff and based on information known as of that date, SEC staff “He was informed that he would not be recommending enforcement action against Hiro.” Companies use this form to report significant changes.
During the same week, the SEC also ended its investigation against Paxos, following an investigation into stablecoin Binance USD. Paxos stated in a “formal notice of termination” it received on July 9 that the SEC would not recommend sanctions against the company in its BUSD investigation.
Hiro was formerly known as Blockstack and worked with the SEC to complete a $50 million token offering under the SEC’s Regulation A+ in 2019. Regulation A provides exemptions from registration for small issuances and was revised in 2015 to Regulation A+, which increased the annual offering amount to $50 million.
Blockstack was founded in 2013 by Ryan Shea and Muneeb Ali, who were students at Princeton University. In 2017, Blockstack raised $52 million through a token sale on CoinList.
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