SEC v. American CryptoFed DAO

The SEC sues American CryptoFed DAO for misleading statements in its registration filings and for conducting an unregistered securities offering of its two tokens, Ducat and Locke, which were supposed to be used for various transactions within the DAO's ecosystem.

The SEC argued that the DAO's tokens were securities under U.S. law, and as such, the organization was required to register its offerings properly or qualify for an exemption, which it failed to do.

File No. 3-21243