美国证券交易委员会 (SEC) 撤销了为期三年的调查，但未采取任何行动

本周早些时候，我们收到 SEC 的消息称，三年后，他们将终止对 @Stacks 区块链（协议）和 Hiro System（一家公司）的调查，且不采取任何行动。

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.

美国证券交易委员会 (SEC) 结束了对 Hiro Systems 的为期三年的调查，Hiro Systems 是一家区块链软件开发商，前身为 Blockstack，该公司在 2017 年至 2019 年期间筹集了 7000 万美元的代币销售。

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.

周五提交的文件详细介绍了这一进展，标志​​着加密货币行业在持续的监管斗争中取得了重大胜利。此前有消息称，美国证券交易委员会 (SEC) 也终止了对稳定币发行商 Paxos 的调查。

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.

根据周五提交的文件所附的 SEC 执法部门的一封信，该监管机构不打算建议对 Hiro Systems PBC 采取执法行动。然而，这封信包括一份标准免责声明，指出该通知不应被解释为免责声明或保证未来不会根据调查结果采取行动。

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 开发用于在 Stacks 区块链上构建应用程序的工具，其活动和遵守 SEC 法规的情况一直受到审查。 Stacks 区块链是一种旨在增强比特币性能的第 2 层解决方案，由加密货币行业的杰出人物、生态系统中另一个重要实体 Trust Machines 的现任首席执行官 Muneeb Ali 创建。阿里也是 Hiro 董事会成员，他在推特上表示，除了 Hiro 实体本身之外，SEC 的调查还重点关注 Stacks 协议。

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).

该公司最初名为 Blockstack，于 2018 年推出了 Stacks 链的第一个版本，并附带了其原生代币 STX。最初，该公司将这些代币视为证券，根据 SEC 的 A+ 条例进行部分代币销售，该条例允许发行人无需完全注册即可向公众发行有限数量的证券。此外，其他代币在专门向合格投资者（Reg D）或国际投资者（Reg S）出售的证券豁免下出售。

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 的新迭代推出了一种称为转移证明的创新共识机制。此时，Hiro Systems 认为网络已经实现了完全去中心化。在当月向 SEC 提交的文件中，该公司表示不再向 Stacks 区块链提供必要的管理服务，表明 STX 代币不应被归类为证券。

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.

尽管有这一说法，SEC 似乎仍持怀疑态度，促使执法部门于 2021 年 9 月进行了调查。以周五提交的文件为标志的这项调查的结束，标志着对 Hiro Systems 的这一特定监管审查的结束，有效消除了迫在眉睫的威胁这一直困扰着公司。

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 对 Hiro Systems 的调查结论被视为更广泛的加密货币行业的积极进展。美国证券交易委员会的立场和监管行动一直是加密货币企业的重大担忧，影响着它们的运营和遵守证券法的方式。尽管 SEC 信函中提出了标准警告，但决定不对 Hiro Systems 采取执法行动，可能表明监管机构对区块链和加密货币项目采取了更加细致的方法。

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.

这一进展遵循了 Paxos 的类似决议，表明 SEC 可能会在不采取执法行动的情况下结束长期调查。对于像 Hiro Systems 这样的公司来说，这一结果可以增强他们继续在区块链领域进行创新工作的信心，而不必立即担心监管报复。

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 准备继续开发和支持 Stacks 区块链。随着监管不确定性基本得到解决，该公司可以专注于增强其平台并扩大其用户群。 Stacks 区块链利用比特币的安全性，为寻求构建去中心化应用程序的开发人员提供了独特的主张。

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.

对加密货币行业的更广泛影响包括监管压力的潜在缓解，前提是公司在运营中表现出合规性和透明度。随着 Hiro Systems 的不断发展，其经验和监管导航可以作为其他旨在平衡创新与合规性的区块链项目的宝贵案例研究。

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.

总之，美国证券交易委员会决定结束对 Hiro Systems 的调查，对于该公司和更广泛的加密行业来说标志着一个重要时刻。它反映了在推动区块链行业创新的同时，为应对监管环境所做的持续努力。随着此次调查的结束，Hiro Systems 及其相关项目（如 Stacks）可以以新的重点和保证来追求其发展目标。