SEC Stops Wyoming-Based DAO From Registering 2 Digital Tokens

SEC Stops Wyoming-Based DAO From Registering 2 Digital Tokens
The Securities and Exchange Commission (SEC) stopped a Wyoming-based decentralized autonomous organization (DAO) from registering two digital tokens as securities, the agency said on Wednesday. In the announcement, the SEC’s Enforcement Division alleged that on Sept. 16, American CryptoFed “filed a materially deficient and misleading registration form known as a Form 10, which purported to register two digital tokens issued by the company – the ‘ducat’ and ‘locke’ tokens – as equity securities.”The SEC alleged that this form lacked mandated information about the tokens and American CryptoFed’s business, including audited financial statements. It also alleged that Form 10 misstated and…