The SEC has closed its investigation into Hiro and the Stacks blockchain without recommending any enforcement action, according to a July 12 blog post from the team.The investigation, which began more than three years ago, has been a significant chapter in the history of the Bitcoin Layer-2 network.STX was up 5.51% and trading at $1.7 as of press time, based on CryptoSlate data.The investigation began following the first-ever SEC-qualified offering by Stacks in 2019. The Stacks ecosystem has been decentralized since before the mainnet launch in January 2021. Shortly after, in June 2021, the SEC’s Enforcement Division launched its investigation into Stacks and Hiro Systems.Hiro’s vision has consistently focused on building the next generation of the internet, where users have unprecedented control and ownership. From its early efforts in creating the first version of the Stacks layer to its current focus on developer tools for Bitcoin builders, this mission has remained unwavering.For over three years, Hiro diligently complied with all requests for information, striving to explain the workings of the Stacks network and Hiro’s role within it. Muneeb Ali, who serves on the board of Hiro Systems, highlighted the effort put into cooperating with the SEC.Ali said:“We’re pleased that the SEC dropped the investigation after this time and effort. This is the best outcome a company in our industry could ask for, but the US can do better

Hiro Systems raised $70 million in token sales between 2017 and 2019 and launched the Stacks mainnet in January 2021.

Hiro Wallet has introduced API keys for two primary reasons.