On November 18, 2022, the U.S. Securities and Exchange Commission issued an order instituting administrative proceedings against American CryptoFed DAO LLC (“American CryptoFed”), an issuer of digital assets, to determine whether a stop order should be issued denying or suspending the effective date of the registration of the Ducat and Locke tokens (the “Tokens”) under the Securities Act of 1933 (the “Securities Act”). The SEC’s Enforcement Division (“Enforcement”) alleges that American CryptoFed’s Form S-1 registration statement…

On September 15, 2022 the U.S. Securities and Exchange Commission (“SEC” or “Commission”) issued an order denying the SEC Enforcement Division’s (“Enforcement”) motion to expedite enforcement proceedings against American CryptoFed DAO LLC (“CryptoFed”) an issuer of digital assets. CyrptoFed had previously filed a Form 10 registration statement with the SEC seeking to register two classes of digital assets, the Ducat and Locke tokens, as equity securities under Section 12(g) of the Securities Exchange Act of…