Dragonchain (DRGN) price more than doubles after SEC lawsuit dropped

On April 24, the U.S. Securities and Exchange Commission (SEC) and Dragonchain, a cryptocurrency company that calls itself "America's blockchain," jointly filed a motion to dismiss the lawsuit in Seattle federal court. The SEC had sued Dragonchain in August 2022 for selling unregistered securities, but in light of the regulatory review work of the newly established Cryptocurrency Task Force, it decided to dismiss the lawsuit as "appropriate from a policy perspective."

In its original complaint, the SEC said Dragonchain raised approximately $14 million (approximately 2.2 billion yen at the time) from approximately 5,000 investors around the world through an initial coin offering (ICO) and presale in 2017, and then...