The first official decentralized autonomous organization (DAO) in the United States is taking on the Securities and Exchange Commission (SEC) over its 2021 token registrations.
American CryptoFed DAO has told Cointelegraph it will represent itself without an attorney over SEC allegations that it omitted and misstated information in a securities registration last year.
The DAO registered its native, interdependent stablecoin Ducat and governance token Locke in its 2021 filing with the SEC, but the regulator has begun proceedings to issue a stop order citing a raft of problems with the registration.
In correspondence with Cointelegraph, American CryptoFed chief operation officer and organizer Xiaomeng Zhou confirmed that the DAO will argue its case against the SEC without legal representation:
“We just filed the Notice of Appearance according to the SEC’s rules. This letter means that we told the SEC that we will represent ourselves without attorneys in this case.”
American CryptoFed has also indicated that it will file a motion to extend the deadline for its answer to the SEC’s Order Instituting Administrative Proceedings. This will open up a 20-day period in which to build its argument against the SEC’s move to stop American CryptoFed’s…
