SEC Concludes Investigation into Bitcoin Layer 2 Stacks and Developer Hiro, According to Filing

Hiro Systems, which specializes in developing tools for building applications on Stacks—a layer-2 blockchain that enhances Bitcoin—was under the scrutiny of the SEC's division of enforcement.

The U.S. Securities and Exchange Commission (SEC) has finished its 3-year investigation into Hiro Systems (HS), a top blockchain software developer that used to be called Blockstack. Between 2017 and 2019, Hiro Systems raised $69.90 million by selling tokens, which was a big achievement in the blockchain industry.

Adequately decentralized?

Adequately decentralized means that control of a blockchain network is spread out among many users, not just a few. This helps make the network more secure, fair, and resistant to failures or attacks. It ensures that no single entity has too much power over the system.