The US SEC is attempting to dismiss the securities lawsuit against the Dragonchain Crypto Assets ICO.

GateUser-6433627c · 2025-04-25T09:40:08+00:00

The U.S. Securities and Exchange Commission is attempting to dismiss the securities lawsuit against Dragonchain's crypto assets ICO, stating that the work of the cryptocurrency working group helps in developing a regulatory framework. Both parties have reached an agreement to seek dismissal of the lawsuit without any fees. The SEC sued Dragonchain and its supporters in August 2024, accusing them of raising $16.5 million in crypto tokens that constitute an unregistered securities issuance.

GateUser-6433627c

2025-04-25 09:40:08

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[The US SEC Attempts to Dismiss the Securities Lawsuit Against Dragonchain’s Crypto Assets ICO] The US Securities and Exchange Commission stated in a joint agreement with Dragonchain that it seeks to dismiss the lawsuit, citing the work done by its crypto assets working group. In a joint agreement submitted to the U.S. District Court in Seattle on April 24, the SEC stated that it “believes that dismissing the case is appropriate,” citing the work of the agency’s crypto assets working group in helping to “develop a regulatory framework for crypto assets.” The document stated: “The SEC and the defendant agree to dismiss this lawsuit without prejudice to the interests of either party and without costs or fees to either party.” The SEC filed a lawsuit against Dragonchain Inc., its supporter Dragonchain Foundation, Dragon Co., and Dragonchain founder Joseph Roets in August 2024, claiming they raised $16.5 million through a crypto asset that is an unregistered securities offering.

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