Dragonchain rockets 97% after SEC folds—traders cheer ’another regulatory retreat’

Dragonchain’s native token (DRGN) nearly doubled in 24 hours as the SEC moved to dismiss its 2018 lawsuit against the blockchain platform. The sudden surge mirrors last month’s XRP rally—proof that crypto markets still trade on regulatory whiplash rather than fundamentals.

Wall Street’s compliance officers left scrambling (again). While the SEC claims this dismissal ’reflects changed circumstances,’ crypto veterans recognize the pattern: another enforcement action crumbling under the weight of its own legal contradictions. The same regulators who called Dragonchain an unregistered security in 2018 now quietly exit stage left—leaving traders to pocket the gains.

Funny how these ’protect the investor’ lawsuits always end with investors making bank... until the next crackdown, of course.

Since the start of the year, the SEC has been steadily walking back from some of its biggest crypto battles. It pulled out of long-running lawsuits against Coinbase, Ripple, and Gemini, cases that once defined the agency’s hardline stance on digital assets under former chair Gary Gensler.

As previously reported by crypto.news, it recently dropped its fraud case against HEX founder Richard Heart, after a federal judge tossed the complaint and the SEC chose not to amend it.