The US Securities and Exchange Commission is looking to drop its unregistered securities lawsuit against blockchain firm Dragonchain in the agency’s latest crypto-related backdown.
In a joint stipulation filed with Dragonchain on April 24 in a Seattle federal court, the SEC said it “believes the dismissal of this case is appropriate,” citing the work of the agency’s Crypto Task Force in helping “develop the regulatory framework for crypto assets.”
“The Commission and the Defendants stipulate that this Litigation be dismissed with prejudice […] and without costs or fees to either party,” the filing reads.
The SEC sued Dragonchain, Inc.; its backer, the Dragonchain Foundation; The Dragon Company; and Dragonchain’s founder, Joseph Roets, in August 2024, claiming they raised $16.5 million through a crypto token that was an unregistered securities offering.
According to the SEC, the Dragonchain (DRGN) tokens raised $14 million in an August