The crypto project trying to replace the US banking system just pulled its 10 trillion token filing
American CryptoFed withdrew its second attempt to register the Locke governance token after SEC staff identified major disclosure failures in its Form 10 filing. The withdrawal, filed Aug. 3, prevented the registration from becoming effective automatically on Aug. 15. American CryptoFed, a Wyoming nonprofit and successor to American CryptoFed DAO LLC, promotes a token-based monetary system meant to replace fractional reserve banking. In its model, Locke serves as a governance token on Ethereum, while Ducat would be the payment token, but no Locke tokens had been issued or sold. The withdrawal leaves no current path to register Locke and no SEC ruling on whether it is a security. A prior 2021 registration attempt ended in 2022 after SEC proceedings over disclosure issues; those proceedings were later dismissed without deciding the securities question. American CryptoFed said it may try again if the SEC adopts a crypto framework, but any new filing would still need to address the staff’s concerns or fit within a formally adopted exemption.
