According to reports, the U.S. Securities and Exchange Commission (SEC) has submitted a joint statement to the federal court in Seattle, indicating the withdrawal of its lawsuit against the blockchain firm Dragonchain and its founder, Joseph Roets. The SEC explained that this move is attributed to the advancements made by its special task force focused on regulating crypto assets. Earlier, the SEC had charged the company with raising $16.5 million through an unregistered securities offering during a 2017 initial coin offering (ICO).