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American CryptoFed withdraws Locke token 10 trillion filing after SEC issues
The Wyoming nonprofit withdrew its Form 10 on Aug. 3, preventing automatic effectiveness on Aug. 15 while SEC staff disclosure concerns remained unresolved.
American CryptoFed withdrew its second attempt to register the Locke governance token, after SEC staff flagged numerous disclosure failures in the filing, according to CryptoSlate.
The Wyoming organization submitted the withdrawal request on Aug. 3, which stopped its Form 10 registration statement from becoming effective automatically on Aug. 15 while the SEC concerns were not resolved.
American CryptoFed, which operates as a Wyoming nonprofit unincorporated association and describes itself as the successor to American CryptoFed DAO LLC, said its network is intended to address what it views as structural weaknesses in fractional reserve banking.
Locke was designed to run on the Ethereum blockchain with a maximum supply of 10 trillion tokens, but CryptoSlate reported that no Locke tokens had been issued, granted, or sold when the filing was withdrawn, and Ducat would only have launched if Locke reached and sustained a value equivalent to $0.10 per token, with no guarantee of value. The withdrawal also leaves American CryptoFed without a current path to register Locke or a ruling on whether the tokens fall under federal securities law, CryptoSlate added.
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