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, 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 S-1 Proceedings are the extension of, rather than separation from, the Form 10 Proceedings, and vice versa.
➣ Regarding Form 10 Proceedings, the SEC is unable to make a ruling on the CryptoFed’s motion filed on December 15, 2021, more than two years’ ago. CryptoFed has repeatedly urged the SEC to make a ruling (see Row 12/16/2023, 01/18/2024 and 02/18/2024 below), because the SEC’s indecision and non-decision violates the SEC’s Rule of Practice 250(a) codified in 17 CFR § 201.250 (a) and the Fifth Amendment Due Process Clause of the US Constitution.
➣ Regarding Form S-1 Proceedings, the SEC should make a final ruling by Q4 2024 in accordance with the SEC’s Rule of Practice 900 (a)(1)(iii) codified in 17 CFR § 201.900 (a)(1)(iii). All the exhibits related to and cited in the Form S-1 Proceedings can be found in Row April 13, 2023 (Order # 6902).
➣ 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
