U.S. SEC Seeks to Dismiss Cryptocurrency ICO Securities Lawsuit Against Dragonchain

In a joint filing with Dragonchain, the U.S. Securities and Exchange Commission indicated its desire to dismiss the lawsuit, citing the work done by its cryptocurrency task force. In a joint agreement submitted to the Seattle federal court on April 24, the SEC stated that it "deems it appropriate to dismiss this case," highlighting the task force's efforts in helping "formulate a regulatory framework for cryptocurrency assets." The document states: "The SEC and the defendants agree to dismiss this case without prejudice to [...] any party's interests, and without costs or fees to either party." The SEC sued Dragonchain, its promoter the Dragonchain Foundation, Dragon Company, and Dragonchain founder Joseph Roets in August 2024, alleging they raised $16.5 million through a cryptocurrency token, which constituted an unregistered securities offering.