SEC Drops Dragonchain Lawsuit as Agency Revises Crypto Enforcement Approach
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- SEC drops Dragonchain lawsuit amid policy shift under the Trump administration’s guidance.
- DRGN token jumps 95% following the SEC’s decision to dismiss unregistered securities case.
- SEC’s new Crypto Task Force drives case dismissal and redefines regulatory engagement.
The U.S. Securities and Exchange Commission (SEC) has filed to dismiss its 2022 lawsuit against blockchain infrastructure firm Dragonchain. The joint document, filed at the Seattle federal court on April 24, represents a major change within the agency’s new digital asset regulatory approach.
The SEC accused Dragonchain of conducting an unregistered securities offering during its 2017 initial coin offering (ICO), alleging the company raised approximately $16.5 million by selling its DRGN token. According to the commission, the token fulfilled the legal requirements for security, thus requiring federal registration. Additional sales between 2019 and 2022 were also alleged to be unlawful.
The SEC has officially dropped its case against Dragonchain, citing its new Crypto Task Force and policy shift. Another sign the agency is easing up on enforcement under a more crypto-friendly administrat…
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