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US SEC Has Filed A Complaint Against Dragonchain

The Securities and Exchange Commission (SEC) of the United States submitted a complaint regarding an initial coin offering (ICO) from a blockchain-based program under the Walt Disney Company in 2017. In a notice of Tuesday, it was mentioned by the SEC that they had accused Dragonchain, the Dragon Company, the Dragon Foundation, as well as John Joseph Roets (the founder of these projects) of collecting nearly $16.5M in an initial coin offering and presale from 2017.

A Lawsuit Filed by the SEC Confronting Dragonchain and the Creator Thereof

In the words of the financial regulator, Dragonchain Foundation, Dragonchain, and Roets accusingly organized an unauthorized offering containing the DRGN tokens of the blockchain in a presale of August 2017 as well as the ICO of October as well as November the same year, collecting up to $14M. Apart from that, the above-mentioned 3 entities as well as their founder are also accused of having traded DRGNs of nearly $2.5M worth.

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They have reportedly done so to cope with their business expenditures and have further advancements as well as to advocate for Dragonchain technology between 2019 and 2022. In advance of the offering of Dragonchain, the securities agency issued a report in July of 2017. In the respective report, it persuaded the firms to have a registration under the government-based agency, signifying that it has a strategy to consider several ICOs as well as securities offerings liable to applicable laws.

Dragonchain Founder Accuses the SEC of Operating an Outdated Approach

It was stated by the commission that it would pursue discarding the prejudgment interest, permanent injunctions, civil penalties as well as conduct-based injunctions imposed on Roets as well as the above-mentioned 3 platforms based on the accused infringement of 1933’s Securities Act.

As per a letter issued on the behalf of the SEC to the Twitter account of Dragonchain, Roets was in knowledge of the intention of the SEC to pursue charges dealing with the unregistered securities’ scale in advance of the denouement of the limitation decree.

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He condemned the government-based institution to utilize an apparently updated approach for the regulation of the crypto while it was actually not. It was in 2014 when Walt Disney Company initiated the development of the Dragonchain blockchain, turning it into an open source venue along with its released to serve the common masses in 2016. The Dragonchain Foundation was established by the former employees of Disney to organize the protocol.


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Mubashar Nawaz (United Arab Emirates)

Mubashar Nawaz is an experienced crypto writer working for Tokenhell. Having passion for writing, he covers news articles from blockchain to cryptocurrency.

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