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 IVT Media Group LLC. The regulator alleges they offered and sold unregistered securities in Arizona through an initial coin offering for Iron Vault Tokens, or IV-SOL. The offering was presented as a three-phase stablecoin (cryptocurrency designed to maintain a stable value) involving token sales, royalty positions and real estate acquisition returns, with marketing that described it as a no-risk investment offering forever-generative returns and scheduled to launch on October 1, 2026. The Commission says Maxon and IVT solicited Arizona investors without registration. It also alleges the company’s public materials omitted Maxon’s financial history, including debts, consumer complaints and judgments. The Commission is seeking a permanent cease-and-desist order, investor restitution and administrative penalties against Maxon, IVT and their agents. The temporary order takes effect once a hearing is requested and remains in place until the Commission issues a decision, unless the Commission directs otherwise. The case is listed on the Commission’s online docket as S-21423A-26-0421. The action comes amid broader enforcement against crypto offerings marketed with guaranteed returns, including a separate SEC case involving 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.