美國證券交易委員會 (SEC) 放棄了對比特幣 Stacks Layer-2 區塊鏈開發商 Hiro Systems 為期三年的調查

這是美國監管機構本週撤銷的第二項與加密貨幣相關的調查。 7 月 11 日，Paxos 宣布美國證券交易委員會 (SEC) 決定不對 Web3 基礎設施平台採取執法行動，以調查幣安美元 (BUSD) 穩定幣。

The United States Securities and Exchange Commission has dropped a three-year investigation into Hiro Systems, the developer of Bitcoin's Stacks layer-2 blockchain, which raised $70 million from token sales between 2017 and 2019, according to a July 12 regulatory filing.

根據7 月12 日的監管文件，美國證券交易委員會撤銷了對Hiro Systems 的為期三年的調查，Hiro Systems 是比特幣Stacks 第2 層區塊鏈的開發商，該公司在2017 年至2019 年間通過代幣銷售籌集了7000 萬美元。

Hiro, which was previously called Blockstack, has been treating its native token, STX, as a security under US law since its launch in 2018.

Hiro（之前稱為 Blockstack）自 2018 年推出以來，一直將其原生代幣 STX 視為美國法律規定的證券。

“Based on the information we have as of this date, we do not intend to recommend an enforcement action by the Commission against Hiro Systems PBC, formerly known as Blockstack PBC,” according to a letter from the regulator included in the Friday filing.

根據週五提交的監管機構的一封信，“根據我們截至目前掌握的信息，我們不打算建議委員會對 Hiro Systems PBC（前身為 Blockstack PBC）採取執法行動。”

Since at least 2019, the developer has regularly filed with the securities regulator under Regulation A+, a registration exemption for smaller securities issuances. It also raised some funds under the widely used Regulation D and S exemptions for private and international offerings, respectively.

至少自 2019 年以來，開發商定期根據 A+ 條例向證券監管機構提交申請，該條例規定小額證券發行可享有註冊豁免。它還根據廣泛使用的私募和國際發行 D 條例和 S 條例豁免籌集了一些資金。

However, in 2021, Hiro argued that the Stacks blockchain had become so sufficiently decentralized that the company no longer qualified as a securities issuer. “Management concluded further that if Hiro is no longer in the position of providing, and will no longer be able to provide, essential managerial services to the Stacks Blockchain, then it is no longer necessary for Hiro to treat the Stacks Tokens as investment contracts that are securities under the federal securities laws,” the company said in a filing with the SEC at the time.

然而，到了 2021 年，Hiro 辯稱，Stacks 區塊鏈已經變得足夠去中心化，以至於該公司不再具備證券發行人的資格。 「管理層進一步得出結論，如果 Hiro 不再能夠為 Stacks 區塊鏈提供必要的管理服務，那麼 Hiro 就不再需要將 Stacks 代幣視為投資合約，是聯邦證券法規定的證券，」該公司當時在向美國證券交易委員會提交的一份文件中表示。

This is the second crypto-related investigation that the US regulator has dropped this week. On July 11, Paxos announced that the SEC decided against taking enforcement action against the Web3 infrastructure platform in connection with its investigation of the Binance USD (BUSD) stablecoin.

這是美國監管機構本週撤銷的第二項與加密貨幣相關的調查。 7 月 11 日，Paxos 宣布美國證券交易委員會 (SEC) 決定不對 Web3 基礎設施平台採取執法行動，以調查幣安美元 (BUSD) 穩定幣。

The SEC is still pursuing enforcement actions against firms, including Ripple, Binance, Kraken and Coinbase. However, a series of recent court rulings — including a landmark Supreme Court ruling in June — have significantly curtailed the regulators’ ability to take a hardline stance against alleged violations among crypto issuers.

美國證券交易委員會仍在對 Ripple、Binance、Kraken 和 Coinbase 等公司採取執法行動。然而，最近一系列的法院裁決——包括最高法院 6 月具有里程碑意義的裁決——大大削弱了監管機構對加密貨幣發行人涉嫌違規行為採取強硬立場的能力。

The Supreme Court’s Loper Bright v. Raimondo decision overruled the so-called Chevron Doctrine, which previously provided regulators, such as the SEC, with broad latitude in determining how to enforce existing laws. The SEC also experienced setbacks in actions against Ripple and Binance in 2023 and 2024, respectively, when judges ruled against claims that the companies had violated securities laws.

最高法院對 Loper Bright v. Raimondo 案的判決推翻了所謂的“雪佛龍主義”，該主義此前為美國證券交易委員會等監管機構提供了廣泛的自由度來決定如何執行現有法律。美國證券交易委員會也分別在 2023 年和 2024 年針對 Ripple 和 Binance 採取的行動中遭遇挫折，當時法官駁回了有關公司違反證券法的指控。