The U.S. Securities and Exchange Commission has dismissed its lawsuit against Dragonchain concerning allegations of unregistered securities sales. This decision had a positive impact on the DRGN token price.
SEC Dismisses Lawsuit Against Dragonchain
The SEC filed to dismiss its lawsuit against Dragonchain, which centered on the sale and offering of DRGN tokens that previously raised $16.5 million. Involved parties include the SEC, Dragonchain, and its founder Joseph Roets, a notable figure in the blockchain sector since 2017.
DRGN Token Price Soars
Following the SEC's announcement, the DRGN token price surged by 95% within 24 hours, reflecting strong investor confidence in the token. The SEC stated, "In light of the foregoing, and in the exercise of its discretion, the Commission believes the dismissal of this case is appropriate."
Shifts in Cryptocurrency Regulation
Similar cases involving the SEC, such as those against Ripple and Coinbase, also show the regulator's shift in approach. These cases often lead to short-term price increases for affected tokens. Experts suggest a potential phase of regulatory recalibration under the SEC's leadership.
These developments signal a possible new strategy by the SEC in cryptocurrency regulation, potentially influencing the industry as a whole.
