Financial Crimes Enforcement Network (FinCEN) of the US Department of Treasury exercises regulatory functions primarily under Bank Secrecy Act. Pursuant to 31 CFR Part 1010 Subpart G § 1010.711, CryptoFed petitioned FinCEN to issue an Administrative Ruling to confirm that with respect to CryptoFed’s Locke token, CryptoFed is not a money transmitter under FinCEN’s regulations, and consequently is not subject to FinCEN’s registration requirements for a money services business. FinCEN responded, “Pursuant to its discretion under Title 31 of the Code of Federal Regulations, Chapter X, Part 1010, Subpart G, FinCEN declines to issue an administrative ruling to the Company in response to its request.”The FinCEN’s indecision and non-decision have proved that the FinCEN is unable to enforce existing federal laws and regulations against CryptoFed. For details, please see the communications between FinCEN and CryptoFed below.