Arizona Regulator Halts Unregistered Stablecoin Offering by IVT Media Group

The Securities Division of the Arizona Corporation Commission filed a Temporary Cease and Desist Order on October 2 against Christopher Michael Maxon, also known as Chris Maxon, and his company IVT Media Group LLC, alleging they offered and sold unregistered securities in violation of the Arizona Securities Act. The order targets an initial coin offering of Iron Vault Tokens, or IV-$SOL, that the regulator describes as part of a three-phase stablecoin promoted as a no-risk investment with forever-generative returns, according to the Commission’s announcement.

The alleged unregistered offering

According to the Securities Division, Maxon and IVT solicited Arizona investors without being registered to offer or sell investments in the state. The offering bundled IV-$SOL tokens with royalty positions and real estate acquisition returns, marketed as a no-risk opportunity scheduled to launch on October 1, 2026. The regulator’s order describes the token sale, the royalty positions, and the real estate acquisition returns as three separate phases of a single stablecoin offering. IVT is a Wyoming-registered limited liability company with offices in Glendale and Peoria, Arizona, and Maxon has identified himself as its founder and chief executive.

An undisclosed financial history

The Division alleges that none of this background appears in IVT’s public materials, leaving investors without information about the person soliciting their money. Regulators say Maxon has been a lien debtor for roughly $15,000 since 2005, that at least five people have publicly complained they were scammed by two of his consumer cash businesses, and that he was evicted and declared a judgment debtor in 2022 and 2023 for about $300,000 in New York and at least $553,500 in Arizona.

Restitution and a permanent halt

The Commission is seeking a permanent cease and desist, restitution to investors, and administrative penalties against Maxon, IVT, and any of their agents. The temporary order takes effect once a hearing is requested and remains in place until the Commission enters a decision, unless the Commission directs otherwise. Documents in the matter are available on the Commission’s online docket under case number S-21423A-26-0421.

The order extends a wave of enforcement against crypto offers marketed as guaranteed returns. The SEC separately charged operators of a WhatsApp investment scheme that raised $15 million, while Treasury rules for state-certified payment stablecoins under the GENIUS Act are tightening how digital assets are marketed and sold across the United States.