American CryptoFed, a Wyoming-based nonprofit organization, withdrew its second registration filing for the Locke governance token after SEC staff found numerous material disclosure failures. The withdrawal on August 3 prevented Form 10 from automatically becoming effective, leaving the maximum 10 trillion Locke tokens unissued. The organization, which aims to replace the US banking system with a blockchain-based monetary system operating without inflation or transaction costs, now lacks a clear path to register its token. American CryptoFed is considering filing again under a potential SEC crypto framework identified as RIN 3235-AN38, but it remains a proposed rule with no adopted exemption that would resolve Locke’s regulatory status.
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