Dragonchain's DRGN Surges Nearly 100% as SEC Drops Bombshell Lawsuit

SEC and Dragonchain Agree to Dismiss Case

Holy moly, folks! Dragonchain's DRGN token just skyrocketed over 97% after the SEC pulled the plug on its long-standing lawsuit against the project. Talk about a wild ride!

In a jaw-dropping joint filing on April 24, the SEC and Dragonchain shook hands on dismissing the case with prejudice, meaning it's game over for good. The SEC's shiny new Crypto Task Force got a shoutout, and they said dropping the suit was the right move.

Lawsuit Accused Dragonchain of Unregistered Securities Sales

The SEC originally threw down the gauntlet in August 2022, accusing Dragonchain, its foundation, and founder Joseph Roets of raking in $16.5 million through an unregistered token sale. Yikes!

The commission's case zoomed in on a 2017 presale and ICO that scooped up $14 million in DRGN tokens, plus an extra $2.5 million sold between 2019 and 2022 to keep the business humming and the tech evolving.

At the time, the regulator was all like, "DRGN's an investment contract, and you should've registered it under securities laws, bro!"

Case Paused After Settlement Offer and Trump's Executive Order

But hold up, the case hit the brakes in October 2024 after Dragonchain threw a settlement offer on the table. Then, in January, President Trump dropped a major executive order, calling for the U.S. to lead the charge in digital assets. Boom!

This order sparked a total rethink on how crypto's regulated in the U.S., and the SEC pointed to this shift when they decided to bail on the Dragonchain lawsuit.

SEC's Crypto Task Force Meets with Dragonchain

Get this - the SEC's freshly minted Crypto Task Force, set up the day after Trump strutted back into the White House, sat down with Dragonchain's crew on March 24. According to an insider memo, they chatted about how the SEC should tackle crypto regulation, with a big focus on blockchain's non-financial superpowers.

Dragonchain's team, led by the visionary Joe Roets, made a strong case that blockchain should be seen as the ultimate software foundation, not just some financial plaything. They're all about transparency, identity management, and automation, baby!

DRGN's Dramatic Turnaround

For Dragonchain, this news flipped their world upside down. DRGN had been stuck in a slump since 2021, but after this bombshell dropped, it formed not one, but two God candles, blasting up nearly 100% in just 24 hours. Talk about a comeback!

Even though DRGN's still far from its 2018 peak, this is a massive win for the project and its community.

SEC's Shift in Crypto Stance

Since the year kicked off, the SEC's been slowly backing away from some of its biggest crypto throwdowns. They've bailed on long-running lawsuits against Coinbase, Ripple, and Gemini - cases that once defined their hardline stance on digital assets under former chair Gary Gensler.

And just recently, they dropped their fraud case against HEX founder Richard Heart after a federal judge tossed the complaint and the SEC decided not to keep fighting.