The DAO says its Form 10 registration should take effect automatically unless the SEC intervenes, as it prepares for potential Uniswap trading and tracks progress on the CLARITY Act.
American CryptoFed is pressing the SEC to acknowledge the registration of its Locke governance token before an Aug. 17 date that the organization says would become effective automatically under federal securities law. A memorandum published by the SEC’s Crypto Task Force shows agency staff recently met with founders Scott Moeller and Xiaomeng Zhou to discuss the nonprofit’s latest registration effort, the token, and legal questions around decentralized organizations. The group said it converted last month into a Wyoming unincorporated nonprofit association under the state’s UNA/DUNA Act and filed a Form 10 to register Locke as a reporting company under the Securities Exchange Act of 1934. American CryptoFed said that filing should become effective 60 days after submission unless the SEC acts first. The organization, which has sought SEC recognition for Locke since 2021, said it revised parts of its proposal over time, including changes influenced by SEC Commissioner Hester Peirce’s token safe harbor framework. If registration is cleared, initial recipients of Locke would be able to trade the token on Uniswap, a decentralized exchange (peer-to-peer trading platform), while the group says ongoing disclosures could be handled through existing SEC reporting tools including Forms 144, 3, 4 and 5. American CryptoFed also continues to promote a stablecoin-linked monetary network alongside the U.S. Federal Reserve and said movement on the CLARITY Act could help provide a clearer digital-asset regulatory framework, though the bill’s timing and final outcome remain uncertain.