First official DAO in the United States to fight the SEC without a lawyer
American CryptoFed DAO enters court battle with SEC over 2021 token registrations, chooses not to have attorneys on its board fight for registration.
New
The first legally recognized Decentralized Autonomous Organization (DAO) in the United States is taking on the Securities and Exchange Commission (SEC) over its token registrations in 2021.
American CryptoFed DAO told Cointelegraph that it would represent itself without an attorney in SEC allegations that it omitted and misrepresented information in a securities filing last year.
The DAO registered its native and interdependent tokens – the stablecoin Ducat and the governance token Locke – in its 2021 filing with the SEC, but the regulator has initiated proceedings to issue a halt order citing a series problems with registration.
In correspondence with Cointelegraph, CryptoFed Chief Operating Officer and U.S. Organizer Xiaomeng Zhou confirmed that the DAO will plead its case against the SEC without legal representation:
"We have just filed the notice of appearance in accordance with SEC rules. This letter means that we have told the SEC that we will represent ourselves without an attorney in this matter.u201D
American CryptoFed has also indicated that it will file a motion to extend the deadline for responding to the SEC's administrative proceeding order. This will open a 20-day period during which he will build his case against the SEC's decision to halt the registration of American CryptoFed.
Related: Wyoming Legally Recognizes First DAO in the United States
The September 2021 DAO filing outlines the details of the interlocking Locke and Ducat tok, which serve as tools for its proposed Wyoming-based monetary system.
As Cointelegraph previously reported, Ducat is an inflation and deflation resistant stablecoin that will be used for daily transactions and as a store of value. Locke is the governance token of the DAO, which is intended to stabilize tDucat and facilitate the administration...
American CryptoFed DAO enters court battle with SEC over 2021 token registrations, chooses not to have attorneys on its board fight for registration.
New
The first legally recognized Decentralized Autonomous Organization (DAO) in the United States is taking on the Securities and Exchange Commission (SEC) over its token registrations in 2021.
American CryptoFed DAO told Cointelegraph that it would represent itself without an attorney in SEC allegations that it omitted and misrepresented information in a securities filing last year.
The DAO registered its native and interdependent tokens – the stablecoin Ducat and the governance token Locke – in its 2021 filing with the SEC, but the regulator has initiated proceedings to issue a halt order citing a series problems with registration.
In correspondence with Cointelegraph, CryptoFed Chief Operating Officer and U.S. Organizer Xiaomeng Zhou confirmed that the DAO will plead its case against the SEC without legal representation:
"We have just filed the notice of appearance in accordance with SEC rules. This letter means that we have told the SEC that we will represent ourselves without an attorney in this matter.u201D
American CryptoFed has also indicated that it will file a motion to extend the deadline for responding to the SEC's administrative proceeding order. This will open a 20-day period during which he will build his case against the SEC's decision to halt the registration of American CryptoFed.
Related: Wyoming Legally Recognizes First DAO in the United States
The September 2021 DAO filing outlines the details of the interlocking Locke and Ducat tok, which serve as tools for its proposed Wyoming-based monetary system.
As Cointelegraph previously reported, Ducat is an inflation and deflation resistant stablecoin that will be used for daily transactions and as a store of value. Locke is the governance token of the DAO, which is intended to stabilize tDucat and facilitate the administration...
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