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Not all news is bad news. We have now seen new good news from the SEC front. Could this set a precedent for others? Time will tell, but the dismissal of the nearly three-year-long altcoin investigation is a morale booster for the medium and long term.
SEC Crypto Investigation
The SEC has dropped its investigation into Hiro, formerly known as Blockstack, which raised $70 million from token sales between 2017 and 2019. Hiro Systems can breathe a sigh of relief after the three-year investigation. In a letter sent to the company today, the SEC wrote:
“Based on the information we have as of this date, the Commission does not intend to recommend an enforcement action against Hiro Systems PBC, formerly known as Blockstack PBC.”
The company, initially known as Blockstack, launched the first version of the Stacks network under the name STX. Although the SEC classified it as a security at the time, it has now concluded the investigation with the caveat that it does not mean the company is exonerated. STX investors are now free from SEC fears with this decision.
With the news, the STX Token price increased by 5% despite BTC weakness.
