美國證券交易委員會 (SEC) 撤銷了為期三年的調查，但未採取任何行動

本週早些時候，我們收到 SEC 的消息稱，三年後，他們將終止對 @Stacks 區塊鏈（協議）和 Hiro System（一家公司）的調查，且不採取任何行動。

The U.S. Securities and Exchange Commission (SEC) has concluded a three-year investigation into Hiro Systems, a blockchain software developer formerly known as Blockstack, which raised $70 million in token sales from 2017 to 2019.

美國證券交易委員會(SEC) 結束了對Hiro Systems 的為期三年的調查，Hiro Systems 是一家區塊鏈軟體開發商，前身為Blockstack，該公司在2017 年至2019 年期間籌集了7000 萬美元的代幣銷售。

This development, detailed in a Friday filing, marks a significant victory for the cryptocurrency industry in its ongoing regulatory battles. It comes on the heels of recent news that the SEC had also terminated an investigation into stablecoin issuer Paxos.

週五提交的文件詳細介紹了這一進展，標誌著加密貨幣行業在持續的監管鬥爭中取得了重大勝利。先前有消息稱，美國證券交易委員會 (SEC) 也終止了對穩定幣發行商 Paxos 的調查。

According to a letter from the SEC’s division of enforcement attached to the Friday filing, the regulatory body does not intend to recommend enforcement action against Hiro Systems PBC. However, the letter included a standard disclaimer stating that the notice should not be interpreted as an exoneration or a guarantee that future action would not be taken based on the investigation’s findings.

根據週五提交的文件所附的 SEC 執法部門的一封信，該監管機構不打算建議對 Hiro Systems PBC 採取執法行動。然而，這封信包括一份標準免責聲明，指出該通知不應被解釋為免責聲明或保證未來不會根據調查結果採取行動。

Hiro Systems, which develops tools for building applications on the Stacks blockchain, has been under scrutiny for its activities and compliance with SEC regulations. The Stacks blockchain, a layer-2 solution designed to enhance Bitcoin, was created by Muneeb Ali, a prominent figure in the crypto industry and currently CEO of Trust Machines, another significant entity in the ecosystem. Ali, who also serves on Hiro’s board, tweeted that the SEC’s investigation focused on the Stacks protocol in addition to the Hiro entity itself.

Hiro Systems 開發用於在 Stacks 區塊鏈上建立應用程式的工具，其活動和遵守 SEC 法規的情況一直受到審查。 Stacks 區塊鏈是一種旨在增強比特幣效能的第 2 層解決方案，由加密貨幣行業的傑出人物、生態系統中另一個重要實體 Trust Machines 的現任執行長 Muneeb Ali 創建。阿里也是 Hiro 董事會成員，他在推特上表示，除了 Hiro 實體本身之外，SEC 的調查還重點關注 Stacks 協議。

Originally launched as Blockstack, the company introduced the first version of the Stacks chain in 2018, accompanied by its native token, STX. Initially, the company treated these tokens as securities, conducting part of its token sales under the SEC’s Regulation A+, which allows issuers to offer a limited amount of securities to the public without full registration. Additionally, other tokens were sold under exemptions for securities available exclusively to accredited investors (Reg D) or international investors (Reg S).

該公司最初名為 Blockstack，於 2018 年推出了 Stacks 鏈的第一個版本，並附帶了其原生代幣 STX。最初，該公司將這些代幣視為證券，並根據 SEC 的 A+ 條例進行部分代幣銷售，該條例允許發行人無需完全註冊即可向公眾發行有限數量的證券。此外，其他代幣在專門向合格投資者（Reg D）或國際投資者（Reg S）出售的證券豁免下出售。

In January 2021, a new iteration of Stacks launched with an innovative consensus mechanism known as proof of transfer. At this point, Hiro Systems believed the network had achieved full decentralization. In an SEC filing that month, the company stated it no longer provided essential managerial services to the Stacks Blockchain, suggesting that STX tokens should not be classified as securities.

2021 年 1 月，Stacks 的新迭代推出了一種稱為轉移證明的創新共識機制。此時，Hiro Systems 認為網路已經實現了完全去中心化。在當月向 SEC 提交的文件中，該公司表示不再向 Stacks 區塊鏈提供必要的管理服務，表明 STX 代幣不應被歸類為證券。

Despite this assertion, the SEC appeared skeptical, prompting an inquiry from the division of enforcement in September 2021. The closure of this investigation, marked by the Friday filing, signifies the end of this particular regulatory scrutiny for Hiro Systems, effectively removing a looming threat that had been hanging over the firm.

儘管有這一說法，SEC 似乎仍持懷疑態度，促使執法部門於2021 年9 月進行了調查。審查的結束，有效消除了迫在眉睫的威脅這一直困擾著公司。

The conclusion of the SEC’s investigation into Hiro Systems is seen as a positive development for the broader cryptocurrency industry. The SEC’s stance and regulatory actions have been a significant concern for crypto businesses, influencing how they operate and comply with securities laws. The decision to not pursue enforcement action against Hiro Systems, despite the standard caveat in the SEC’s letter, could indicate a more nuanced approach by the regulator towards blockchain and cryptocurrency projects.

SEC 對 Hiro Systems 的調查結論被視為更廣泛的加密貨幣行業的積極進展。美國證券交易委員會的立場和監管行動一直是加密貨幣企業的重大擔憂，影響著它們的運作和遵守證券法的方式。儘管 SEC 信函中提出了標準警告，但決定不對 Hiro Systems 採取執法行動，可能表明監管機構對區塊鏈和加密貨幣項目採取了更細緻的方法。

This development follows a similar resolution with Paxos, suggesting a possible trend of the SEC closing long-standing investigations without enforcement actions. For companies like Hiro Systems, this outcome can bolster confidence in continuing their innovative work in the blockchain space without the immediate fear of regulatory reprisals.

這一進展遵循了 Paxos 的類似決議，表明 SEC 可能會在不採取執法行動的情況下結束長期調查。對於像 Hiro Systems 這樣的公司來說，這一結果可以增強他們繼續在區塊鏈領域進行創新工作的信心，而不必立即擔心監管報復。

Hiro Systems is poised to continue its development and support of the Stacks blockchain. With the regulatory uncertainty largely addressed, the company can focus on enhancing its platform and expanding its user base. The Stacks blockchain, leveraging Bitcoin’s security, offers a unique proposition for developers looking to build decentralized applications.

Hiro Systems 準備繼續開發和支援 Stacks 區塊鏈。隨著監管不確定性基本上得到解決，該公司可以專注於增強其平台並擴大其用戶群。 Stacks 區塊鏈利用比特幣的安全性，為尋求建立去中心化應用程式的開發人員提供了獨特的主張。

The broader implications for the cryptocurrency industry include a potential easing of regulatory pressures, provided companies demonstrate compliance and transparency in their operations. As Hiro Systems moves forward, its experience and regulatory navigation could serve as a valuable case study for other blockchain projects aiming to balance innovation with compliance.

對加密貨幣行業的更廣泛影響包括監管壓力的潛在緩解，前提是公司在營運中表現出合規性和透明度。隨著 Hiro Systems 的不斷發展，其經驗和監管導航可以作為其他旨在平衡創新與合規性的區塊鏈項目的寶貴案例研究。

In summary, the SEC’s decision to close its investigation into Hiro Systems marks a significant moment for the company and the broader crypto industry. It reflects ongoing efforts to navigate regulatory landscapes while fostering innovation within the blockchain sector. With the conclusion of this probe, Hiro Systems and its associated projects, like Stacks, can pursue their development goals with renewed focus and assurance.

總而言之，美國證券交易委員會決定結束對 Hiro Systems 的調查，對於該公司和更廣泛的加密產業來說標誌著一個重要時刻。它反映了在推動區塊鏈產業創新的同時，為應對監管環境所做的持續努力。隨著調查的結束，Hiro Systems 及其相關專案（如 Stacks）可以以新的重點和保證來追求其發展目標。