American CryptoFed has urged the U.S. Securities and Exchange Commission to formally recognize its Locke governance token registration, setting the stage for a potential launch of trading on Uniswap once the filing becomes effective. The organization told SEC staff during a recent meeting that it expects its Form 10 registration to take effect automatically on August 17 under the Securities Exchange Act of 1934, unless the agency intervenes beforehand.
The meeting, detailed in a memorandum from the SEC’s Crypto Task Force, included American CryptoFed founders Scott Moeller and Xiaomeng Zhou. They outlined the DAO’s conversion into a Wyoming unincorporated nonprofit association under the state’s UNA/DUNA Act, a restructuring aimed at satisfying legal requirements after years of back‑and‑forth with the agency. The nonprofit confirmed it filed the Form 10 last month, marking the latest step in a registration effort that began in 2021.
Beyond the August milestone, American CryptoFed presented a compliance framework for post‑registration trading. It plans to allow initial token recipients to trade Locke on the decentralized exchange Uniswap, while maintaining disclosure obligations through Forms 144, 3, 4, and 5. The organization argued that SEC guidance on restrictive legends supports its approach, though it acknowledged the compliance challenges of a decentralized market.
The filing follows the SEC’s February dismissal of earlier administrative proceedings against American CryptoFed, which the DAO says encouraged it to pursue alternative registration steps. The group has also cited SEC Commissioner Hester Peirce’s proposed token safe harbor framework as influencing its proposal revisions.
Separately, American CryptoFed continues to champion its vision for a decentralized monetary system that uses stablecoins to eliminate inflation and transaction costs. It expressed optimism that legislative progress on the CLARITY Act—pushed by crypto‑friendly lawmakers including Senator Cynthia Lummis—could create a defined regulatory environment for such a system. However, the bill’s timing remains uncertain as the Senate aims to advance it before the August recess.
