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- 🎉 Hey Gate Square friends! Non-stop perks and endless excitement—our hottest posting reward events are ongoing now! The more you post, the more you win. Don’t miss your exclusive goodies! 🚀
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SEC Closes Another Lawsuit Related to an Altcoin! A Big Jump of 95% in Price!
The Securities and Exchange Commission (SEC), is systematically closing the cryptocurrency cases that were opened after Gary Gensler.
The latest of these was the unregistered securities issuance lawsuit filed against the Blockchain project Dragonchain.
Accordingly, the SEC, together with Dragonchain, submitted a joint document to the Seattle Federal Court aimed at dismissing the lawsuit filed against Dragonchain.
The SEC stated in the submitted document that the Crypto Task Force has made progress in developing a regulatory framework, expressing that they believe it is appropriate to dismiss the Dragonchain (DRGN) case.
In August 2024, the SEC ordered Dragonchain, Inc.; the Dragonchain Foundation, which supports the company; He had accused The Dragon Company and Dragonchain founder Joseph Roets of violating securities offering regulations by raising $16.5 million during an ICO in 2017.
The SEC claimed that in the Dragonchain case, DRGN token raised 14 million dollars in a pre-sale in August 2017 and in an initial coin offering that took place in October and November of that year (ICO).
The SEC argued that the company's token should be registered due to being 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 operational expenses and to enhance the company's technology.
The lawsuit was halted in October after Dragonchain made a settlement offer to the SEC.
Now, due to the efforts of the SEC and Dragonchain to resolve the lawsuit, Dragonchain (DRGN) price experienced a significant rise, increasing by 95% in the last 24 hours.