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The US SEC is attempting to withdraw the securities lawsuit against Dragonchain's Crypto Assets ICO.
The SEC stated in a joint protocol with Dragonchain that it hopes to withdraw the lawsuit due to the work done by its Crypto Assets working group. In a joint agreement related to Dragonchain submitted to the Seattle federal court on April 24, the SEC stated that it “believes that dismissing the case is appropriate,” citing the work done by the agency’s crypto assets working group in helping to “develop a regulatory framework for crypto assets.” The document states: "The SEC and the defendants agreed to dismiss this lawsuit without prejudice to the interests of […] either party and without charging any costs or fees to either party. The SEC filed a lawsuit against Dragonchain, its supporter Dragonchain Foundation, Dragon, and Dragonchain founder Joseph Roets in August 2024, claiming that they raised $16.5 million through a crypto asset that is an unregistered securities offering.