BitcoinSistemi 2025-04-25 06:56:08

SEC Closes Case on Another Altcoin! Price Jumps 95%!

The US Securities and Exchange Commission (SEC) is closing down the cryptocurrency cases filed after Gary Gensler, one by one. The latest of these was the unregistered securities issuance case filed against the Blockchain project Dragonchain. Accordingly, the SEC, together with Dragonchain, filed a joint document with the Seattle Federal Court seeking to drop the lawsuit against Dragonchain. In the document submitted, the SEC said that the Crypto Task Force has made progress in developing a regulatory framework, and that they believe it is appropriate to dismiss the Dragonchain (DRGN) lawsuit. The SEC in August 2024 charged Dragonchain, Inc.; the Dragonchain Foundation, which backs the company; The Dragon Company and Dragonchain founder Joseph Roets with violating securities offering regulations by raising $16.5 million during an ICO in 2017. The SEC alleged in its lawsuit that Dragonchain raised $14 million in a presale for its DRGN token in August 2017 and an initial coin offering (ICO) in October and November of that year. The SEC had argued that the company's tokens needed to be registered because they were investment contracts under securities laws. The SEC also stated that an additional $2.5 million worth of DRGN was sold between 2019 and 2022, and that this was used to cover operating expenses and improve the firm's technology. The lawsuit was discontinued in October after Dragonchain filed a settlement offer with the SEC. Now, due to the efforts of the SEC and Dragonchain to settle the case, the Dragonchain (DRGN) price has seen a massive rally, rising by 95% in the last 24 hours. *This is not investment advice. Continue Reading: SEC Closes Case on Another Altcoin! Price Jumps 95%!