Today, November 10, 2021, the Securities and Exchange Commission (“SEC”) initiated proceedings against American CryptoFed DAO LLC (“CryptoFed”) and suspended the company’s registration of its Ducat and Locke tokens. According to the SEC’s Order Instituting Proceedings, CryptoFed filed a materially deficient and misleading registration form, which failed to contain certain required information about the company and its two tokens. The SEC also alleges that the company filed materially misleading statements about whether the tokens are securities and CryptoFed’s intention to distribute its Locke tokens to the public. The registration of the Ducat and Locke tokens will remain stayed, pending a determination by an administrative law judge.
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About Blockchain Law Center
Blockchain technology utilizes a distributed digital ledger to record and track information, and can be leveraged to gain transparency and certainty in transactions ranging from cryptocurrency to supply chain tracking. This blog provides information on the legal developments surrounding implementation of blockchain technology, with an initial focus on the financial services sector.