The Securities and Stock Exchange Committee in the United States agreed to drop the lawsuit against the securities against Dragonchain, the Blockchain platform originally developed by Disney.
According to the regulator, the dismissal of the case is “appropriate” given the advanced approach to the supervision of encryption and the work of the newly created encryption squad, which was created shortly after President Donald Trump issued an executive order in January directing federal agencies to give priority to the leadership of the United States in Blockchain and Digital Asset.
In a detailed condition on April 24 foot In the Seattle Federal Court, the Securities and Stock Exchange Commission referred to the recent developments in its organizational approach and stated that cases of cases for 2022 should be rejected with bias and without costs or fees for any of the parties.
Separation means that the issue is considered closed and it cannot be renovated in the future.
The decision also follows a meeting with Dragonchain representatives on March 24, as suggested Internal note This has been announced.
According to the memo, the meeting requested the founder of Dragonchain Joe Roets and focused on how to use Blockchain Tech outside the financing.
The team marked the SEC employees through the real world’s use cases, such as preventing fraud, verification of identity and tracking safe data, on the pretext that Blockchain should be seen as a basic program, not just a tool for donation or investment.
Roets also argued that Blockchain should be seen as a basic infrastructure that can be used for transparency, identity management and automation, rather than definition narrowly as just a financial tool.
What is the dragonCHin?
Dragonchain is a hybrid Blockchain platform that combines general Blockchains and closed networks.
It was initially developed by Disney in 2014 and then open source in 2016, it was designed to support applications at the level of institutions with a metal structure, the smart contracts written in traditional programming languages (such as Python, Java and C#), and a total of five layers of expansion and confidence.
Unlike many public chains, Dragonchain does not require the publication of all data on the chain.
The logic of business and sensitive data remains in particular, while the verification fragmentation can be established to general Blockchains such as Ethereum or Bitcoin.
Why Sec Sue Dragonchain?
The Securities and Stock Exchange Committee, which was originally filed in August 2022, focused on selling the distinguished symbol for 2017 from Dragonchain.
The agency claimed that Dragonchain, along with its institution and founder, Joe Rots, raised $ 14 million through the pre -justified period and ICO of DRGN without registering them as securities.
At the heart of the case was the argument of the Supreme Education Council that the DRGN symbols were investment contracts under the US Securities Law.
The committee sought penalties, dislocation, and restraining orders on the basis that Dragonchain should have been recorded, especially since it had already occurred after the agency. Exposed directives This has warned many ICO can fall under its jurisdiction.
DRGN 99 %
Dragonchain’s original code gathered nearly 100 % after news. At the time of publication, it has been more than 96 % over the past 24 hours.
While Altcoin is currently exchanging about 98 % less than its height in 2018, the gathering today helped her out of the multi -week downtown that started earlier this year.
According to some analysts, the recent prices can raise an extensive gathering in the coming weeks, especially because of its origins in the United States.
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