U.S. SEC suspends token registration of CryptoFed DAO - Aliens: AI Crypto News & Markets Updates

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U.S. SEC suspends token registration of CryptoFed DAO

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Aliens

Thu, Nov 11, 2021

The US SEC just filed a lawsuit against CryptoFed DAO, a decentralized autonomous organization located in Ohio. The suit requested for it to stop the securities registration of two digital tokens, Ducat and Locke. According to the SEC on September 16, CryptoFed DAO submitted an insufficient and misleading registration form. The document had omitted key information about the tokens and the business. Certain statements on the company's financial status, along with pertinent audits, were also missing.

According to previous reports in July, the CryptoFed DAO was recognized as the first legal DAO in the U.S. by the Office of the Secretary of the State of Wyoming.

Source: The Block

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