SEC has banned the token registration of the first decentralized organization in the USA

The regulator accuses DAO of providing “misleading information

11.11.2021 - 09:45

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What’s new? The U.S. Securities and Exchange Commission (SEC) has opposed the registration of American CryptoFed tokens, the first legally recognized decentralized autonomous organization (DAO).

News source on the Decrypt website

What is the reason for the ban? According to the SEC representatives, the organization deliberately provided “misleading information” to investors. DAO applied to register the tokens as securities in September 2021, but the data for the future Ducat and Locke tokens was incomplete. In addition, the required information about the company itself was also not provided at the time of application.

What is known about DAO? In July 2021, American CryptoFed became the first American decentralized autonomous organization to receive a license to operate in the state of Wyoming. The main purpose of DAO is to introduce a new monetary system to the United States.

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