American CryptoFed Withdraws Locke Registration Amid SEC Concerns

American CryptoFed has withdrawn its second attempt to register the Locke governance token after the US Securities and Exchange Commission (SEC) staff found numerous material failures in its disclosure filing.

The Wyoming organization submitted the withdrawal request on August 3, preventing its Form 10 registration statement from becoming effective automatically on August 15 while the staff's concerns remained unresolved.

American CryptoFed operates as a Wyoming nonprofit unincorporated association and describes itself as the successor to American CryptoFed DAO LLC. The organization says its network is designed to address what it considers structural weaknesses in fractional reserve banking.

The proposed token-based monetary system would operate without inflation, deflation, or transaction costs while supporting maximum employment. Locke would function as the governance token on the Ethereum blockchain with a maximum supply of 10 trillion tokens. However, no Locke tokens had been issued, granted, or sold when American CryptoFed withdrew the filing.