SEC submits fit versus Dragonchain over $16.5 million ICO

The Securities and Exchange Commission has actually struck yet another 2017 preliminary coin offering with legal action.

On August 16, the SEC submitted a problem versus a number of service entities surrounding Dragonchain and creator John Joseph Roets over their presale and preliminary coin offering, which netted $16.5 million at the time.

The commission is calling the ICO an unregistered securities offering and is requiring disgorgement of the earnings along with a civil financial charge.

The presale occurred in 2017, instantly after the SEC’s July DAO Report. The report was a watershed minute, following which the SEC would deal with future ICOs as prospective securities offerings.

5 years later on, the SEC is still pursuing lawsuits versus a few of these offerers, along with a variety of concealed paid promoters.