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The new proposals, and others like them around the United States, threaten to erode a key distinction upholding the supremacy of the U.S. dollar over its would-be digital competitors: Americans can use U.S. dollars, but not cryptocurrencies, to pay their taxes.

…but the DAO itself in almost all circumstances would not be able to produce financial statements prepared in accordance with generally accepted accounting principles. If the DAO does not have a definable business and truly is decentralized, then there may not be a management structure for which information can be provided.

The SEC's order substitutes "entities" for "persons" and adds the list of potential recipients to the registrant's statement. By this legerdemain, the SEC converts a statement that might be true in some cases into a statement that is false in all cases.

In September, CryptoFed took the unusual step of filing a registration statement on Form 10 for its Ducat and Locke tokens, while claiming that the tokens were not securities (“CryptoFed is registering Locke and Ducat tokens with the SEC as utility tokens, not as securities, for the purpose of disclosure”).

Orr also explained in the initial filing and subsequent correspondence with the SEC that the organization did not include financial statements in its filing because “CryptoFed does not have and will never have any revenue or costs.” She added that “CryptoFed’s zero cost operations can be achieved by using its own native tokens, just as the bitcoin blockchain BTCUSD, -1.75% and ethereum ETHUSD, -0.64% blockchain have both demonstrated by incentivizing their miners with their own native tokens.”

"The purported 'deficiencies' the SEC referred to were the lack of attributes inherent to securities," she said in a statement. "These are attributes that the two tokens (Locke and Ducat) of a decentralized blockchain-based CryptoFed DAO monetary system will never have."

Marian Orr, the chief executive of American CryptoFed, said in an emailed statement that the company rebutted point by point the deficiencies raised by the SEC in a letter on Oct. 12, adding that the company looks forward to future communications with the SEC, including through a public hearing.

The first decentralized autonomous organization (DAO) to be legally recognized in the U.S. has filed with the securities regulator as it seeks authorization for two new tokens. American CryptoFed DAO LLC filed form S-1 with the Securities and Exchange Commission (SEC) to register Locke and Ducat tokens.

American CryptoFed DAO is attempting to register two new digital tokens as publicly traded stablecoins and is currently awaiting regulatory approval, the exchange announced. If approved by the Securities and Exchange Commission (SEC), CryptoFed will become the first legally recognised and publicly traded decentralised autonomous organisation (DAO). No underwriters are named in connection with the offering.

American CryptoFed DAO, a Wyoming-based decentralized autonomous organization, has filed two forms with the United States Securities and Exchange Commission, or SEC, to launch two variants of inter-dependent stablecoins named Locke and Ducat.

Wyoming-based decentralized autonomous organization [DAO], CryptoFed has made an announcement regarding its recent filing. The DAO filed two forms with the United States Securities and Exchange Commission [SEC] to launch two versions of its interdependent stablecoins, Locke and Ducat.

There is an effort through the American CryptoFed to develop a merchant based stable coin ecosystem. The basis of this effort is to create a stable coin ecosystem driven by a collaboration of merchants, resulting in lower cost of acceptance. It is one way in which the development of digital currency could result in a more competitive payment acceptance landscape.

“Crypto and digital asset markets is penetrating fast, and there is a tremendous need for both well crafted laws and experienced, competent players in the ecosystem. When i look across the globe, Wyoming is the best place meeting these criteria. It has got visionary leaders on the regulatory front, and innovative blockchain and crypto players are already operational. This is a deadly combination.”

Although progress has been made in the ‘cryptofed’ sector. In July, the American CryptoFed DAO was legally recognised by the state of Wyoming as the country’s first decentralized autonomous organization. CEO of the American CryptoFed DAO, Marian Orr commented that the DAO law has created an opportunity for a “true digital currency with mass acceptance to be possible”.

On July 1, senate bill 38 took effect, Wyoming becomes the first state to allow for the establishment of decentralized autonomous organization (DAO).This led to the American CryptoFed to become the first DAO in the state, which plans to allow people to use the company's cryptocurrency, Ducats, instead of US dollars to purchase products.

The headline this week is that American CryptoFed was the first legally recognized Decentralized Autonomous Organization (DAO) in Wyoming and the nation. Earlier this year the Wyoming Legislature passed a Bill which offers legal protections to DAO's with the hopes that it would trigger blockchain businesses in the state. Marion Orr, CEO of American CryptoFed which is part of the digital currency effort, explained the concept to Wyoming Public Radio's Bob Beck.

The most significant recent development for the protocol was its selection to host the Ducat, a native algorithmic stable coin of the American CryptoFed DAO, which became the first legally recognized decentralized autonomous organization (DAO) in the United States after supportive legislation passed in the U.S. state of Wyoming. This development comes on the heels of a $10 billion investment by Block.one to build Bullish Global, an exchange based on EOSIO protocol and it points to a growing list of use cases for the delegated-proof-of-stake (DPoS) platform.

In other regulatory-related news, Wyoming, a U.S. state that has been highly favorable toward the crypto and blockchain industry, officially named the American CryptoFed DAO a legal entity — a first for any decentralized autonomous organization, or DAO.

The state of Wyoming has become the first in the US to approve and legally recognise a Decentralised Autonomous Organisation (DAO). The move became official when the American CryptoFed DAO received notice from the Wyoming Secretary of State’s office that it had been acknowledged as a legal business entity.

Wyoming is home to a number of novel financial institutions, including the first state-chartered crypto banks, Avanti as well as a subsidiary of Kraken, as well as American CryptoFed DAO, the nation’s first legal decentralised autonomous organisation (DAO), a parallel, crypto-based monetary system governed by machine learning and token holders, which began operating on 1 July.

Wyoming—the first US state to grant a charter to a crypto bank—has approved legal status for a decentralized autonomous organization (DAO), the American CryptoFed DAO, according to an announcement on Sunday. The organization, which has a mission to introduce a new monetary system, now becomes the first legally recognized DAO in the U.S.

The world finally has its first legal DAO, thanks to developments in the state of Wyoming. The American CryptoFED DAO, an organization dedicated to creating a monetary system resilient to fluctuations in value, received notice from the Wyoming Secretary of State’s office that its project had been officially recognized as a DAO in the United States.

The US state of Wyoming legally recognized The American CryptoFed DAO on Sunday, as per a release. The historic move made it the first-ever federal region to recognize a decentralized autonomous organization, or “DAO.”

The American CryptoFed DAO received notice from the Wyoming Secretary of State’s office on Tuesday recognizing it as a legal entity, according to a Sunday announcement.

Wyoming has legalized a decentralized autonomous organization (DAO) with effect from July 1, marking another in a series of steps that have made the state the most crypto-friendly jurisdiction in the United States.

Unlike federal F.I.A.T. paper currencies, the American Crypto Fed is the first decentralized autonomous organization (DAO ) a legal cryptocurrency, recognized by the state of Wyoming, the U.S., and the world.

With notice from the Wyoming Secretary of State’s office, the American CryptoFed became the first legally recognized decentralized autonomous organization (DAO) in the United States.