The U.S. Securities and Exchange Commission (SEC) today stopped the first legally recognized decentralized autonomous organization in the country from registering its crypto tokens as securities—alleging it put out “misleading information” to would-be investors.
American CryptoFed DAO LLC in September filed a Form 10 with the SEC, which is used for registering securities for trading on U.S. exchanges. But according to the SEC, the form did not have sufficient information about the two tokens—named Ducat and Locke—the company wanted to issue. Required information about American CryptoFed was also missing from the form, the SEC said in a statement Wednesday.
American CryptoFed in July became the first decentralized autonomous organization in the U.S. to be granted legal status, when it registered in Wyoming. The company runs on the EOS blockchain and says it wants to introduce a new monetary system to the U.S.
In the cryptocurrency world, a decentralized autonomous organi
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