SEC Ends Investigation into Bitcoin Scaling Network Stacks Without Enforcement Action
The U.S. Securities and Alternate Fee (SEC) has concluded its investigation into Stacks, a Bitcoin scaling community, and its unique developer Hiro Methods.
“On July 9, 2024, Hiro Methods PBC (“Hiro”) was knowledgeable by the workers of the Securities and Alternate Fee (the “SEC”) that the workers concluded its investigation as to the Stacks Blockchain and that based mostly on the data identified to the workers as of that date, the workers doesn’t intend to suggest an enforcement motion by the SEC in opposition to Hiro,” the submitting acknowledged.
“This consequence reaffirms our dedication to striving for trustworthy success of regulatory compliance and assembly our mission to assist builders as they construct and innovate on Bitcoin. We’re proudly a developer centered firm above all else—our tooling has developed and grown over the past a number of years and now covers Ordinals, BRC-20s, Runes, Stacks, and shortly, the brand new sBTC Bitcoin asset.” the submit learn.
Whereas the conclusion of the SEC’s investigation is undoubtedly optimistic for Hiro, the method itself has been arduous and expensive. A supply accustomed to the matter described the three-year-long investigation as “insanely costly” and “tremendous invasive,” with annual prices exceeding seven figures. The supply additionally famous that interactions with the SEC typically felt like “conversing with a brick wall.”
This text accommodates hyperlinks to third-party web sites or different content material for info functions solely (“Third-Celebration Websites”). The Third-Celebration Websites aren’t underneath the management of L3B7, and L3B7 isn’t chargeable for the content material of any Third-Celebration Website, together with with out limitation any hyperlink contained in a Third-Celebration Website, or any modifications or updates to a Third-Celebration Website. L3B7 is offering these hyperlinks to you solely as a comfort, and the inclusion of any hyperlink doesn’t indicate endorsement, approval or suggestion by L3B7 of the location or any affiliation with its operators.
This text is meant for use and have to be used for informational functions solely. You will need to do your individual analysis and evaluation earlier than making any materials selections associated to any of the services or products described. This text isn’t meant as, and shall not be construed as, monetary recommendation.
The views and opinions expressed on this article are the creator’s [company’s] personal and don’t essentially mirror these of L3B7.
