The SEC plans to dismiss the securities lawsuit against Dragonchain's ICO

ChainCatcher News, the U.S. Securities and Exchange Commission (SEC) has submitted a joint statement to the Seattle federal court announcing the dismissal of the unregistered securities issuance lawsuit against the blockchain company Dragonchain and its founder Joseph Roets.

The SEC stated that this move stems from the progress made by its cryptocurrency asset special working group in developing a regulatory framework. Previously, the SEC had accused the company of raising $16.5 million through an ICO in 2017.