The SEC issued two orders instituting proceedings against American CryptoFed DAO. The first order issued on 11/10/2021, was ORDER INSTITUTING ADMINISTRATIVE PROCEEDINGS AND NOTICE OF HEARING PURSUANT TO SECTION 12(j) OF THE SECURITIES EXCHANGE ACT OF 1934 (“Form 10 Proceedings”). The second order issued on 11/18/2022, is ORDER FIXING TIME AND PLACE OF PUBLIC HEARINGS AND INSTITUTING ADMINISTRATIVE PROCEEDINGS PURSUANT TO SECTION 8(d) OF THE SECURITIES ACT OF 1933 (“Form S-1 Proceedings”). The Form 10 Proceedings were moot on 09/18/2022, after American CryptoFed withdrew its Form 10 filing. The Form S-1 Proceedings are the extension of, rather than separation from, the Form 10 Proceedings. Hearing sessions for the Form S-1 Proceedings (bench trial) were held on December 1, 2, and 6, 2022, and January 18 and 19, 2023:
• 02/17/2023: The SEC’s Division of Enforcement filed DIVISION OF ENFORCEMENT’S PROPOSED FINDINGS AND BRIEF IN SUPPORT OF ISSUING A STOP ORDER (“SEC’s Brief”).
• 04/03/2023: American CryptoFed filed Opposition (“Opposition”) to the SEC’s Brief.
• 04/18/2023: The SEC’s Division of Enforcement filed its Reply (“SEC’s Reply”) to American CryptoFed’s Opposition.
• On 05/17/2023, Judge Carol Fox Foelak issued an Initial Decision. On May 29, 2023, American CryptoFed filed a motion to correct manifest errors of fact in the Initial Decision (“Motion to Correct”, effective May 30, 2023), to which on May 30, 2023, the SEC’s Division of Enforcement filed opposition. Judge Foelak will make a decision on the Motion to Correct on or before June 19, 2023. Then, within 21 days of the Judge Foelak’s decision, American CryptoFed will file a Petition for Review of the Initial Decision.
All the exhibits cited in the SEC’s Brief, American CryptoFed’s Opposition, the SEC’s Reply and the Initial Decision can be found in Row April 13, 2023 (Order # 6902).
Below, please find a reverse chronological disclosure of all the documents and communications related to both the Form 10 and the Form S-1 proceedings.
