The Securities and Exchange Commission (SEC) is taking action against a Wyoming-based decentralized autonomous organization (DAO) and its planned tokens.
The securities regulator announced today it had instituted proceedings against American CryptoFed DAO LLC, which touts itself as the first DAO out of Wyoming, resulting in a freeze on the registration of its tokens. The state passed a heavily debated law earlier this year allowing DAOs to seek state charter and official recognition as limited liability companies.
CryptoFed filed an S-1 with the SEC in September of this year, formally requesting recognition from the federal agency. In its registration, it attempted to register its two tokens, Locke and Ducat. The group registered to use these tokens in a secondary market and refundable auctions at sales higher than initial value. In terms of function, the Locke token was supposedly for governance decisions, while the Ducat token was typical transactions.
In its announcement of the
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