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American CryptoFed DAO Withdraws Locke, Ducat Token Registration Request
CryptoFed said the tokens are “not securities.”
American CryptoFed, a Wyoming-based decentralized autonomous organization (DAO), has withdrawn its request to register two tokens with the U.S. Securities and Exchange Commission as securities, a Tuesday filing shows.
“CryptoFed is seeking withdrawal of the Registration Statement Form 10 because CryptoFed’s Locke token and Ducat token are not securities,” the filing read.
STORY CONTINUES BELOW
The DAO, which describes itself as a “monetary system with zero inflation, zero deflation, zero transaction costs,” filed last year to register the tokens with the SEC for use in a secondary market and in refundable auctions at a higher value than their original purchase price from CryptoFed.
The SEC stopped the registration in November, saying the company had filed a “materially deficient and misleading registration form.”
The project had wanted to issue ducat, an algorithmic stablecoin, and locke, a governance token with a maximum supply of 10 trillion whose holders could propose strategies and vote on proposals concerning the DAO.
In the Tuesday filing, American CryptoFed said the tokens hadn't been issued or sold to users.
Last July, Wyoming legally recognized American CryptoFed. That determination came after the state became the first in the U.S. to recognize DAOs as a type of limited liability company.
Shaurya Malwa
Shaurya is the Co-Leader of the CoinDesk tokens and data team in Asia with a focus on crypto derivatives, DeFi, market microstructure, and protocol analysis.
Shaurya holds over $1,000 in BTC, ETH, SOL, AVAX, SUSHI, CRV, NEAR, YFI, YFII, SHIB, DOGE, USDT, USDC, BNB, MANA, MLN, LINK, XMR, ALGO, VET, CAKE, AAVE, COMP, ROOK, TRX, SNX, RUNE, FTM, ZIL, KSM, ENJ, CKB, JOE, GHST, PERP, BTRFLY, OHM, BANANA, ROME, BURGER, SPIRIT, and ORCA.
He provides over $1,000 to liquidity pools on Compound, Curve, SushiSwap, PancakeSwap, BurgerSwap, Orca, AnySwap, SpiritSwap, Rook Protocol, Yearn Finance, Synthetix, Harvest, Redacted Cartel, OlympusDAO, Rome, Trader Joe, and SUN.
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Crypto Industry Asks President Trump to Stop JPMorgan’s 'Punitive Tax' on Data Access
A coalition of fintech and crypto trade groups is urging the White House to defend open banking and stop JPMorgan from charging fees to access customer data.
Lo que debes saber:
- Ten major fintech and crypto trade associations have urged President Trump to stop big banks from imposing fees that could hinder innovation and competition.
- JPMorgan's plan to charge for access to consumer banking data may debank millions and threaten the adoption of stablecoins and self-custody wallets.
- The CFPB's open banking rule, which mandates free consumer access to bank data, is under threat as banks have sued to block it, and the CFPB has requested its vacatur.
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