Dragochain is fought from the positions of the SEC thanks to the new pro-described approach
By Hannah Pérez
The SEC decided to leave the case against Dragochain citing its new cryptocurrency work group. It is the last to get rid of regulatory actions after Coinbase, Uniswap, Metamask and others.
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- The SEC leaves another case against a cryptocurrency company: Dragochain.
- After almost 3 years facing SEC positions, Dragochain is now free of regulatory battles.
- It joins the cases now filed against Coinbase, Kraken, Uniswap and others in the industry.
- Drgn price, Dragochain’s native token shot more than 150%.
The United States Securities Regulator has filed another legal case against a cryptocurrency company as the agency assumes a new focus online with the friendly vision of Donald Trump’s administration.
The US stock and securities commission (SEC). UU. Presented a joint document with Dragochain To leave a lawsuit filed by the regulator against that technology company Blockchain almost 3 years ago, as reported first The Block.
In August 2022, the SEC imposed charges against Dragochain, accusing it of the alleged sale of values not registered by millions of dollars. The demand mentioned an initial offer of Token (ICO), which celebrated the project in 2017 and through which it had raised about USD $ 14 million through the sale of its Native Drgn token, as well as other subsequent collections.
The case echoed numerous demands filed by the SEC during the previous direction of Gary Gensler, which accused cryptocurrency companies of violating the securities laws based on the classification of said assets as investment contracts.
The SEC leaves another case of cryptocurrencies
During his presidency, Gensler was repetitive in his opinion that most cryptocurrencies –except for a few, among them Bitcoin– They constituted values before the law. This interpretation left industry companies subject to the hostile supervision of the SEC, which for years was criticized by crypto actors for refusing to provide clear rules to the sector.
Gensler resigned from his position in January after Trump’s entrance to his second mandate in the White House and, since then, the SEC has assumed a new approach as he works to establish new regulatory frameworks.
Commissioner Mark Uyeda assumed the position as interim president of the SEC after the departure of Gensler, ordering, among his first actions, the formation of an internal work group dedicated to cryptocurrencies, headed by Hester Peirce.
In the stipulation presented on Thursday before the courts, the SEC cited the creation of the new working group focused on cryptocurrencies to justify the joint decision of dismissing the lawsuit against the firm.
“In the light of the above, and in the exercise of its discretion and as a matter of policy, the commission believes that the dismissal of this case is appropriate“, Says the legal document, according to coverage.
The new group of the agency, created in January, has assured that memecoins do not fall under the jurisdiction of the SD while saying that among its main functions it will seek to discern which cryptocurrencies should or may not be treated as values as it writes new regulations. They have met with industry actors at dedicated work tables.
The SEC has also abandoned many of its application actions against cryptocurrency companies such as Coinbase, Kraken, Metamask, Uniswap and Ripple Following the creation of that new address.
The Token Drgn of Dragochain more than 150% price was fired in 24 hours at USD $ 0.1012, in the middle of the news and in line with a broader prices in the cryptocurrency market, according to data from Coinmarketcap.
Hannah Estefanía Pérez / Diariobitcoin
Image generated with AI tool, under free use license
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