Statement Summary
On April 24, 2025, the U.S. Securities and Exchange Commission (SEC) announced the dismissal of its civil enforcement action against Dragonchain, Inc., Dragonchain Foundation, The Dragon Company, and John Joseph Roets. This decision, filed as a joint stipulation, reflects the SEC’s intent to reform its regulatory approach to the cryptocurrency industry rather than a judgment on the merits of the initial claims. The dismissal is with prejudice and does not imply the SEC’s stance on any other cases. This action was initiated on August 16, 2022, and its resolution is part of broader efforts by the SEC to adapt its regulations in the evolving crypto landscape.
Original Statement
Dragonchain, Inc., Dragonchain Foundation, The Dragon Company, John Joseph Roets
U.S. SECURITIES AND EXCHANGE COMMISSION
Litigation Release No. 26299 / April 30, 2025
Securities and Exchange Commission v. Dragonchain, Inc., Dragonchain Foundation, The Dragon Company, and John Joseph Roets, No. 2:22-cv-01145 (W.D. Wash. filed Aug. 16, 2022)
SEC Announces Dismissal of Civil Enforcement Action Against Dragonchain, Inc., Dragonchain Foundation, The Dragon Company, and John Joseph Roets
On April 24, 2025, the Securities and Exchange Commission filed a joint stipulation with Dragonchain, Inc., Dragonchain Foundation, The Dragon Company, and John Joseph Roets to dismiss, with prejudice, the Commission’s ongoing civil enforcement action against them.
The Commission’s decision to exercise its discretion and dismiss this pending enforcement action rests on its judgment that the dismissal will facilitate the Commission’s ongoing efforts to reform and renew its regulatory approach to the crypto industry, not on any assessment of the merits of the claims alleged in the action. Furthermore, as stated in the joint stipulation,
“the Commission’s decision to seek dismissal of this Litigation does not necessarily reflect the Commission’s position on any other case.”
