American CryptoFed urges SEC for Locke token recognition before Aug. 17 deadline

American CryptoFed has requested the U.S. Securities and Exchange Commission (SEC) to recognize its Locke governance token registration ahead of an Aug. 17 deadline, claiming it should take effect automatically under federal securities law. SEC staff recently met with American CryptoFed DAO founders Scott Moeller and Xiaomeng Zhou to discuss the nonprofit's registration efforts and legal questions regarding decentralized organizations. American CryptoFed informed the SEC that it converted into a Wyoming unincorporated nonprofit association last month, part of its effort to meet regulatory requirements. The organization also filed a Form 10 last month to register the Locke governance token as a reporting company under the Securities Exchange Act of 1934, which should become effective 60 days after submission. This sets Aug. 17 as the expected date unless the SEC intervenes. The filing follows the SEC's February decision to dismiss earlier proceedings involving American CryptoFed, prompting the organization to explore alternative registration steps. Since 2021, American CryptoFed has sought SEC recognition for the Locke token, revising its proposal based on SEC Commissioner Hester Peirce's token safe harbor framework. The organization plans to make Locke tokens available for trading on the Uniswap decentralized exchange after receiving regulatory clearance. American CryptoFed also promotes a decentralized monetary system alongside the U.S. Federal Reserve, aiming to eliminate inflation and support maximum employment through a stablecoin-linked financial network. Legislative developments, particularly the CLARITY Act, could further influence these plans.