The Securities and Exchange Commission opened administrative proceedings against American CryptoFed (a decentralized autonomous organization (DAO), with headquarters in Wyoming) to consider a stop order to block the registration of the offer and sales of its Ducat and Locke coins. In a Friday statement, the SEC stated that it wanted to “to

  

The Securities and Exchange Commission opened administrative proceedings against American CryptoFed to consider a stop order to stop the registration of the offer and sales of its Ducat and Locke crypto assets. According to the regulator, American CryptoFed failed “to determine whether a cease order should be issued to suspend registration of the offer and purchase of two crypto assets, the Ducat and Locke tokens.” A Form S-1 registration statement submitted last years by American CryptoFed did not provide sufficient information about the company’s operations, management, and must first use Form S-1 to register for new securities. American CryptoFed also submitted a Form 10 registration in an attempt to register the tokens for equity securities. However, the registrations were turned down.The regulator claimed that the firm’s filing included other inconsistent claims about whether the tokens were securities as well as materially misleading statements and omissions.DISCLAIMER: The Information on this website is provided as general market commentary and does not constitute investment advice. We encourage you to do your own research before investing.Join us to keep track of news: https://linktr.ee/coincuWebsite: coincu.comHaroldCoincu NewTags: American CryptoFedDAODucat tokenForm S-1Locke tokenSEC