The SEC issued two orders instituting proceedings against American CryptoFed DAO. The first order issued on 11/10/2021, is 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 closed on 09/19/2022, 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.
Below, we provide a reverse chronological disclosure of all the documents and communications related to both Form 10 and Form S-1 proceedings.
The big picture as to how American CryptoFed as a DAO functions from the perspective of Generally Accepted Accounting Principles (GAAP) in the context of Form S-1 filing, can be found in:
1. American CryptoFed’s Motion (01/30/2023)
2. SEC Division of Enforcement’s Opposition (02/02/2023)
3. American CryptoFed’s Reply (02/06/2023)
4. Judge Carol Fox Foelak’s Order (02/07/2023)
5. American CryptoFed’s Motion (02/14/2023)
6. SEC Division of Enforcement’s Opposition (02/15/2023)
7. American CryptoFed’s Reply (02/16/2023)
8. Judge Carol Fox Foelak’s Order (02/17/2023)