American CryptoFed has intensified its regulatory efforts as it seeks federal recognition for its Locke governance token before a key August 17 deadline. The organization recently met with the U.S. Securities and Exchange Commission to discuss its latest registration strategy, governance structure, and compliance roadmap. According to a memorandum published by the SEC's Crypto Task Force, agency staff met with American CryptoFed DAO founders Scott Moeller and Xiaomeng Zhou to discuss the nonprofit's latest registration efforts, its governance token, and legal questions surrounding decentralized organizations. The meeting also covered the group's long-running push to bring the Locke token under the SEC's reporting framework.
During the meeting, American CryptoFed told SEC staff it converted into a Wyoming unincorporated nonprofit association under the state's UNA/DUNA Act last month. The organization said the restructuring forms part of its latest effort to satisfy regulatory requirements after years of engagement with the agency. The nonprofit also confirmed that it filed a Form 10 last month to register the Locke governance token as a reporting company under the Securities Exchange Act of 1934. According to American CryptoFed, the filing should become automatically effective 60 days after submission, setting August 17 as the expected date unless the SEC takes action beforehand. Earlier administrative proceedings ended this year, encouraging the group to pursue a different registration path.
Looking beyond registration, American CryptoFed told SEC staff it plans to make Locke governance tokens available for trading after receiving regulatory clearance. Initial recipients of the token would be able to trade through the Uniswap decentralized exchange, according to the organization's presentation. While acknowledging the compliance challenges associated with decentralized trading, American CryptoFed argued that required disclosures could still be maintained through existing reporting obligations. Its presentation pointed to Forms 144, 3, 4 and 5 as mechanisms for meeting insider and securities reporting requirements, while also citing SEC guidance stating that the agency 'will not normally intervene' in disputes involving the removal of restrictive legends from securities.
Separate from the registration process, American CryptoFed continues to promote its proposal for a decentralized monetary system operating alongside the U.S. Federal Reserve. The organization has said the model is designed to eliminate inflation and deflation, remove transaction costs, and support maximum employment through a stablecoin-linked financial network. American CryptoFed argued that progress on the CLARITY Act would provide a more defined regulatory framework for digital assets, with crypto-friendly lawmakers, including Senator Cynthia Lummis, indicating they want the Senate to advance the legislation before the chamber begins its August recess. The legislation may shape future compliance standards for decentralized organizations and governance tokens across the United States.
