{"id":49780,"date":"2021-09-20T15:10:19","date_gmt":"2021-09-20T12:10:19","guid":{"rendered":"https:\/\/forklog.com\/en\/?p=49780"},"modified":"2025-09-02T14:24:54","modified_gmt":"2025-09-02T11:24:54","slug":"first-us-based-dao-files-for-token-registration-and-trading","status":"publish","type":"post","link":"https:\/\/u1f987.com\/en\/first-us-based-dao-files-for-token-registration-and-trading\/","title":{"rendered":"First US-based DAO files for token registration and trading"},"content":{"rendered":"

Registered in Wyoming as a DAO<\/span> The American CryptoFed filed applications with the SEC<\/span> on forms 10<\/a> and S-1<\/a> to register and trade the algorithmic stablecoin Ducat and the accompanying governance token Locke.<\/p>\n

The assets will serve a supporting role in the CryptoFed blockchain built on EOS with a DPoS consensus algorithm.<\/p>\n

Form 10<\/a> regulates the registration of securities on stock exchanges. The filing requirement applies to firms with assets exceeding $10 million and with more than 750 shareholders.<\/p>\n

A company that does not meet these criteria may file voluntarily. It will take effect automatically after 60 days. The American CryptoFed may expect a similar scenario regardless of the SEC’s stance.<\/p>\n

According to the applications, Ducat is an inflation\/deflation-resistant stablecoin designed to preserve capital and enable high-throughput, “free” transactions.<\/p>\n

The governance token Locke will be used to help maintain Ducat’s price stability and to establish rules for the ecosystem.<\/p>\n

\n

\u201cUsing Locke to manage Ducat’s price, the DAO would resemble the U.S. Federal Reserve in its open-market operations,\u201d<\/em> said Marian Orr, CEO of CryptoFed.<\/p>\n<\/blockquote>\n

Locke will be distributed free of charge among municipalities, merchants, banks, crypto exchanges and other DAO participants.<\/p>\n

The SEC filing on form S-1 will allow trading and transfer of Locke and Ducat.<\/p>\n

CryptoFed did not rule out that, should regulators classify the assets as securities, the DAO will file for Form S-8. This is possible after the S-10 filing becomes effective, but before S-1 approval. In such a scenario, the company will continue to distribute restricted and non-tradable Locke in accordance with the incentive plan, according to Orr.<\/p>\n

Before the S-1 form is approved, Locke and Ducat are not subject to sale or transfer.<\/p>\n

In September, SEC Chair Gary Gensler said<\/a> that unregistered securities must receive regulatory approval unless they are exempt.<\/p>\n

In January 2019, Wyoming passed a law equating cryptocurrencies with money.<\/p>\n

In December 2020, the Wyoming State Banking Board granted<\/a> a status of a financial institution to the cryptocurrency startup Avanti. Earlier authorities approved a similar application<\/a> from the Bitcoin exchange Kraken.<\/p>\n

Subscribe to ForkLog news on VK<\/a>! <\/p>\n","protected":false},"excerpt":{"rendered":"

Registered in Wyoming as a DAO, The American CryptoFed filed with the SEC on forms 10 and S-1 to register and trade the algorithmic stablecoin Ducat and the associated governance token Locke.<\/p>\n","protected":false},"author":1,"featured_media":49781,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"select":"1","news_style_id":"1","cryptorium_level":"","_short_excerpt_text":"","creation_source":"","_metatest_mainpost_news_update":false,"footnotes":""},"categories":[3],"tags":[80,36,128,807,26],"class_list":["post-49780","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-news-and-analysis","tag-dao","tag-regulation","tag-sec","tag-stablecoins","tag-usa"],"aioseo_notices":[],"amp_enabled":true,"views":"24","promo_type":"1","layout_type":"1","short_excerpt":"","is_update":"","_links":{"self":[{"href":"https:\/\/u1f987.com\/en\/wp-json\/wp\/v2\/posts\/49780","targetHints":{"allow":["GET"]}}],"collection":[{"href":"https:\/\/u1f987.com\/en\/wp-json\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/u1f987.com\/en\/wp-json\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/u1f987.com\/en\/wp-json\/wp\/v2\/users\/1"}],"replies":[{"embeddable":true,"href":"https:\/\/u1f987.com\/en\/wp-json\/wp\/v2\/comments?post=49780"}],"version-history":[{"count":1,"href":"https:\/\/u1f987.com\/en\/wp-json\/wp\/v2\/posts\/49780\/revisions"}],"predecessor-version":[{"id":49782,"href":"https:\/\/u1f987.com\/en\/wp-json\/wp\/v2\/posts\/49780\/revisions\/49782"}],"wp:featuredmedia":[{"embeddable":true,"href":"https:\/\/u1f987.com\/en\/wp-json\/wp\/v2\/media\/49781"}],"wp:attachment":[{"href":"https:\/\/u1f987.com\/en\/wp-json\/wp\/v2\/media?parent=49780"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/u1f987.com\/en\/wp-json\/wp\/v2\/categories?post=49780"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/u1f987.com\/en\/wp-json\/wp\/v2\/tags?post=49780"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}