Hiro Systems 通过 SEC 调查，自 2019 年起遵守法规

Hiro（原名 Blockstack）自 2018 年推出以来，一直将其原生代币 STX 作为一种证券。

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

CoinChapter：美国 SEC 对 Stacks Layer-2 开发商 Hiro Systems 进行为期三年的调查

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.

美国证券交易委员会 (SEC) 结束了对 Hiro Systems 为期三年的调查，该公司是比特币 Stacks 第 2 层区块链背后的公司。根据 7 月 12 日的监管文件，Hiro 在 2017 年至 2019 年间通过代币销售筹集了 7000 万美元，不会面临 SEC 的执法行动。

Hiro Systems Clears SEC Probe, Complies with Regulations Since 2019

Hiro Systems 通过 SEC 调查，自 2019 年起遵守法规

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 年推出以来，一直将其原生代币 STX 视为一种证券。美国证券交易委员会 (SEC) 最近的文件称，

“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.”

“根据我们截至目前掌握的信息，我们不打算建议委员会对 Hiro Systems PBC（以前称为 Blockstack PBC）采取执法行动。”

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 年以来，Hiro 一直定期遵守 SEC 的规定，根据 A+ 条例进行备案，该条例为规模较小的证券发行提供了注册豁免。该公司还根据 D 和 S 条例豁免筹集资金，以满足私募和国际发行的需求。

Hiro Systems Claims Stacks Blockchain Decentralization, Avoids Securities Classification

Hiro Systems 声称 Stacks 区块链去中心化，避免证券分类

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 认为 Stacks 区块链已经足够去中心化，从而取消了其作为证券发行人的分类。该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.”

“管理层进一步得出结论，如果 Hiro 不再能够为 Stacks 区块链提供必要的管理服务，那么 Hiro 就不再需要将 Stacks 代币视为投资合约，是联邦证券法规定的证券。”

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.

这种去中心化的主张凸显了加密货币行业中关于何时以及如何将区块链项目视为足够去中心化以逃避证券监管的争论。 Hiro 的立场反映了区块链公司寻求远离严格监管的日益增长的趋势。

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

SEC 放弃对 Hiro 和 Paxos 的调查，暗示加密货币监管可能发生转变

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.

这一消息是在美国证券交易委员会撤销另一项调查之后发布的。 7 月 11 日，Paxos 宣布 SEC 决定不对 Web3 基础设施平台对其币安美元 (BUSD) 稳定币采取执法行动。这些决定表明美国证券交易委员会的加密货币监管方法可能会发生转变。

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.

尽管调查被撤销，美国证券交易委员会仍继续对其他主要加密货币公司采取行动，包括 Ripple、Binance、Kraken 和 Coinbase。最近的法院裁决限制了 SEC 积极执行监管的能力。例如，最高法院 6 月份对 Loper Bright 诉 Raimondo 案的裁决推翻了“雪佛龙主义”，该主义此前赋予监管机构在解释法律方面广泛的自由裁量权。

STX Token Performance Mirrors Regulatory Developments

STX 代币的表现反映了监管的发展

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 代币自推出以来的表现反映了市场对这些监管发展的反应。 CoinMarketCap 提供了对代币表现的详细见解，说明了这些监管决策对现实世界的影响。