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CryptoFed: SEC Moves to Suspend Sale of American CryptoFed DAO Tokens ⚖️


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American CryptoFed DAO, the first legally recognised decentralised autonomous organisation (DAO) in the United States, is reportedly at risk of losing its registration after the U.S. Securities and Exchange Commission (SEC) dug up anomalies in the Form S-1 registration statement dated Sept. 17, 2021. The SEC has instituted administrative proceedings against the DAO to determine the issuance of a stop order that will suspend the registration of the offer and sale of its Ducat and Locke tokens.

The SEC stated,

“An issuer seeking to register the offer and sale of crypto assets as securities transactions must furnish the required disclosure information to the SEC. American CryptoFed not only failed to comply with the disclosure requirements of the federal securities laws, but it also claimed that the securities transactions they seek to register are not in fact securities transactions at all."

https://www.theblock.co/post/188464/sec-moves-to-suspend-sale-of-american-cryptofed-dao-tokens

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