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US SEC Starts Administrative Proceedings Against American CryptoFed

The United States Securities and Exchange Commission (SEC) on Friday kicked off administrative proceedings against American CryptoFed, a Wyoming-based decentralized autonomous organization (DAO).

The regulator wants “to determine whether a stop order should be issued to suspend the registration of the offer and sale of two crypto assets, the Ducat token and the Locke token,” SEC announced in a statement issued on Friday.

Ducat token is an algorithmic stablecoin while Locke is a government token created by American CryptoFed.

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