Hiro Systems 透過 SEC 調查，自 2019 年起遵守法規

Hiro（原名 Blockstack）自 2018 年推出以來，一直將其原生代幣 STX 作為一種證券。

CoinChapter: United States SEC Drops 3-Year Probe into Stacks Layer-2 Developer Hiro Systems

CoinChapter：美國 SEC 對 Stacks Layer-2 開發商 Hiro Systems 進行為期三年的調查

The United States Securities and Exchange Commission (SEC) has concluded its three-year investigation into Hiro Systems, the company behind Bitcoin’s Stacks layer-2 blockchain. According to a regulatory filing on July 12, Hiro, which raised $70 million from token sales between 2017 and 2019, will not face enforcement action from the SEC.

美國證券交易委員會 (SEC) 結束了對 Hiro Systems 為期三年的調查，該公司是比特幣 Stacks 第 2 層區塊鏈背後的公司。根據 7 月 12 日的監管文件，Hiro 在 2017 年至 2019 年間透過代幣銷售籌集了 7,000 萬美元，不會面臨 SEC 的執法行動。

Hiro Systems Clears SEC Probe, Complies with Regulations Since 2019

Hiro Systems 透過 SEC 調查，自 2019 年起遵守法規

Hiro, formerly known as Blockstack, has treated its native token, STX, as a security since its launch in 2018. The SEC’s recent filing stated,

Hiro（原名 Blockstack）自 2018 年推出以來，一直將其原生代幣 STX 視為一種證券。

“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.”

“根據我們截至目前所掌握的信息，我們不打算建議委員會對 Hiro Systems PBC（以前稱為 Blockstack PBC）採取執法行動。”

Since at least 2019, Hiro has been in regular compliance with the SEC, filing under Regulation A+, which provides a registration exemption for smaller securities issuances. The company also raised funds under Regulation D and S exemptions, which cater to private and international offerings.

至少自 2019 年以來，Hiro 一直定期遵守 SEC 的規定，根據 A+ 條例進行備案，該條例為規模較小的證券發行提供了註冊豁免。該公司還根據 D 和 S 條例豁免籌集資金，以滿足私募和國際發行的需求。

Hiro Systems Claims Stacks Blockchain Decentralization, Avoids Securities Classification

Hiro Systems 聲稱 Stacks 區塊鏈去中心化，避免證券分類

In 2021, Hiro argued that the Stacks blockchain had become sufficiently decentralized, thus removing its classification as a securities issuer. The company stated in a filing,

2021 年，Hiro 認為 Stacks 區塊鏈已經足夠去中心化，從而取消了其作為證券發行人的分類。該公司在一份文件中表示，

“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.”

「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。”

This decentralization claim highlights the ongoing debate in the crypto industry about when and how a blockchain project can be deemed decentralized enough to escape securities regulation. Hiro’s stance reflects a growing trend among blockchain companies seeking to distance themselves from stringent regulatory oversight.

這種去中心化的主張凸顯了加密貨幣產業中​​關於何時以及如何將區塊鏈項目視為足夠去中心化以逃避證券監管的爭論。 Hiro 的立場反映了區塊鏈公司尋求遠離嚴格監管的日益增長的趨勢。

SEC Drops Investigations into Hiro and Paxos, Signals Possible Shift in Crypto Regulation

SEC 放棄對 Hiro 和 Paxos 的調查，暗示加密貨幣監管可能發生轉變

This news comes on the heels of another dropped investigation by the SEC. On July 11, Paxos announced that the SEC decided not to pursue enforcement action against the Web3 infrastructure platform concerning its Binance USD (BUSD) stablecoin. These decisions suggest a possible shift in the SEC’s approach to crypto regulation.

這項消息是在美國證券交易委員會撤銷另一項調查後發布的。 7 月 11 日，Paxos 宣布 SEC 決定不對 Web3 基礎設施平台對其幣安美元 (BUSD) 穩定幣採取執法行動。這些決定表明美國證券交易委員會的加密貨幣監管方法可能會發生轉變。

Despite these dropped investigations, the SEC continues to take actions against other major crypto firms, including Ripple, Binance, Kraken, and Coinbase. Recent court rulings have limited the SEC’s ability to enforce regulations aggressively. For instance, the Supreme Court’s June decision in Loper Bright v. Raimondo overturned the Chevron Doctrine, which had previously granted regulators broad discretion in interpreting laws.

儘管調查被撤銷，美國證券交易委員會仍繼續對其他主要加密貨幣公司採取行動，包括 Ripple、Binance、Kraken 和 Coinbase。最近的法院裁決限制了 SEC 積極執行監管的能力。例如，最高法院 6 月對 Loper Bright v. Raimondo 案的判決推翻了雪佛龍主義，該主義先前賦予監管機構在解釋法律方面廣泛的自由裁量權。

STX Token Performance Mirrors Regulatory Developments

STX 代幣的表現反映了監管的發展

Performance of the STX token since its launch reflects market reactions to these regulatory developments. CoinMarketCap provides detailed insights into the token’s performance, illustrating the real-world impact of these regulatory decisions.

STX 代幣自推出以來的表現反映了市場對這些監管發展的反應。 CoinMarketCap 提供了對代幣表現的詳細見解，說明了這些監管決策對現實世界的影響。