A systematic analysis of American CryptoFed’s SEC Proceedings entitled DAOs vs Nation States: A Wyoming DAO’s Experiment with the U.S. Securities and Exchange Commission has been published on the University of Oxford Business Law Blog (OBLB) and can be accessed here.
➣ The SEC issued two orders instituting proceedings against American CryptoFed DAO. The first order issued on 11/10/2021, is to deny, or suspend Form 10 filing (“Form 10 Proceedings”). The second order issued on 11/18/2022, is to stop Form S-1 filing (“Form S-1 Proceedings”). The Form S-1 Proceedings are the extension of, rather than separation from, the Form 10 Proceedings, and vice versa.
➣ Regarding Form S-1 Proceedings the SEC issued two orders called ORDER EXTENDING TIME TO ISSUE DECISION on June 3, 2024 and September 3, 2024 respectively. Regarding Form 10 Proceedings, the SEC is unable to make a ruling on the CryptoFed’s motion filed on December 15, 2021, more than two years ago. Since December 2023, CryptoFed has kept sending monthly letters to urge the SEC to make a ruling. The SEC’s indecision and non-decision have proved that the SEC is unable to enforce existing laws and regulations against CryptoFed. Therefore, CryptoFed notified the SEC that CryptoFed will launch its Locke tokens after November 15, 2024, unless the SEC informs CryptoFed of their opposition by November 4, 2024.
➣ Below, you will find a reverse chronological disclosure of all the documents and communications related to both the Form 10 proceedings and the Form S-1 proceedings, some of which can also be found in the public dockets of these proceedings on the SEC’s website below.
• Form 10 Proceedings: https://www.sec.gov/litigation/apdocuments/3-20650
• Form S-1 Proceedings: https://www.sec.gov/litigation/apdocuments/3-21243
