SEC Staff Rejects American CryptoFed's Second Attempt at Registering Locke Token

American CryptoFed has withdrawn its second attempt to register the Locke governance token due to material failures in its disclosure filing, according to the US Securities and Exchange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

The Wyoming-based 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.

Locke is designed to operate without inflation, deflation, or transaction costs and support maximum employment. Its constitution assigns Locke a governance role within the system, while Ducat would function as the payment token.

No Locke tokens had been issued, granted, or sold when American CryptoFed withdrew the filing. The organization may wait for a future SEC crypto framework to resubmit its application.