The SEC drops the investigation into Bitcoin L2 developer tool Hiro.

indicates that according to a document released on Friday, the U.S. Securities and Exchange Commission has dropped its three-year investigation into blockchain software developer Hiro Systems (formerly Blockstack), which raised $70 million through token sales from 2017 to 2019.

In a letter to Hiro included in the SEC's enforcement division's document on Friday, it stated: "Based on the information we currently have, we do not intend to recommend that the Commission take enforcement action against Hiro Systems PBC (formerly Blockstack PBC)."

According to the Web3 asset data platform RootData, Hiro builds, deploys, and scales fully expressive smart contract applications on Bitcoin using the Stacks infrastructure.