A systematic analysis of American CryptoFed’s SEC Proceedings entitled DAOs vs Nation States: A Wyoming DAO’s Experiment with the U.S. Securities and Exchange Commission has been published on the University of Oxford Business Law Blog (OBLB) and can be accessed here.
➣ The SEC issued two orders instituting proceedings against American CryptoFed DAO. The first order issued on 11/10/2021, is to deny, or suspend Form 10 filing (“Form 10 Proceedings”). The second order issued on 11/18/2022, is to stop Form S-1 filing (“Form S-1 Proceedings”). The SEC has been unable to make decisions on these two proceedings for years demonstrates that the SEC is unable to enforce existing laws and regulations against CryptoFed. Therefore, since April 2025, the SEC’s Division of Enforcement and CryptoFed have started the process of settlement discussion.
➣ Below, you will find a reverse chronological disclosure of all the documents and communications related to both the Form 10 proceedings and the Form S-1 proceedings, some of which can also be found in the public dockets of these proceedings on the SEC’s website below.
• Form 10 Proceedings: https://www.sec.gov/litigation/apdocuments/3-20650
• Form S-1 Proceedings: https://www.sec.gov/litigation/apdocuments/3-21243
