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US SEC Seeks to Stop American CryptoFed from Registering Algorithmic Stablecoin and Stabilizing Asset
The United States Securities and Exchange Commission (SEC) has announced an administrative proceeding on American CryptoFed DAO – the first DAO legally recognized in the US – for allegedly selling unregistered security tokens, the Ducat and the Locke tokens. The American CryptoFed DAO is registered in the state of Wyoming, where it provides services similar to the original Terra Luna ecosystem. According to a press release issued by the SEC, the agency’s Enforcement Division spotted discrepancies with the CryptoFed’s Form S-1.
American CryptoFed DAO Under the Radar of the US SEC
Reportedly, the American CryptoFed DAO failed to thoroughly inform the SEC about its business, management, and financial condition. The SEC further argued that the American CryptoFed DAO failed to inform whether the issued tokens were securities. Most importantly, the SEC noted that the Amer
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