Dragonchain, a cryptocurrency company based in Bellevue, Wash., was sued Tuesday by the Securities and Exchange Commission on allegations that it engaged in the illegal sale of unregistered securities through its 2017 initial coin offering and subsequent sales of its DRGN tokens totaling $16.5 million.
The company, founded in 2017 by a former Walt Disney Co. blockchain architect, has denied the allegations in previous statements anticipating the SEC lawsuit.
It’s the latest cryptocurrency company to face such allegations from the SEC, which asserts that certain crypto assets fit the legal definition of securities, requiring greater levels of federal regulation and scrutiny than commodities do.
Dragonchain’s founder and CEO, John Joseph “Joe” Roets, is named as a defendant in the suit along with three affiliated companies and organizations: Dragonchain Inc., Dragonchain Foundation, and The Dragon Co.
“Because Dragonchain never filed a registration statement for its offer and sale of...
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