TechFlow reported on July 12 that, according to CoinDesk, the U.S. Securities and Exchange Commission (SEC) has dropped a three-year investigation into Hiro Systems—a Bitcoin L2 stack builder formerly known as Blockstack. The company raised $70 million through token sales between 2017 and 2019. In a letter included as an attachment to the Friday filing, the SEC's Division of Enforcement stated: "Based on the information currently available to us, we do not intend to recommend that the Commission take an enforcement action against Hiro Systems PBC (formerly Blockstack PBC)."
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