Crypto group withdraws Locke filing; 10 trillion tokens unissued

American CryptoFed withdrew its registration for the Locke governance token after U.S. Securities and Exchange Commission staff identified material disclosure failures. The withdrawal was filed on Aug. 3, 2026 and prevented the group’s Form 10 from becoming effective on its scheduled Aug. 15 date while staff concerns remained unresolved. The filing left a planned maximum supply of 10 trillion Locke tokens unissued.

American CryptoFed operates as a Wyoming nonprofit unincorporated association and describes itself as the successor to American CryptoFed DAO LLC. The organization proposed Locke as a governance token on the Ethereum blockchain and Ducat as a separate payment token tied to a Locke price threshold.

Under the group’s proposal, Locke would carry governance rights and Ducat would serve as the payment medium only if Locke reached and sustained an equivalent value of $0.10 per token. The filing noted there was no guarantee Locke would attain any market value. At the time of the withdrawal, no Locke tokens had been issued, granted or sold.

This was the group’s second registration effort for Locke. The first registration began in 2021 through its predecessor entity. The organization attempted to withdraw that earlier filing in July 2022 after the SEC opened administrative proceedings over disclosure issues. The Commission dismissed those proceedings in February 2026 on the basis that the earlier withdrawal was effective; the Commission did not decide whether Locke or Ducat qualify as securities.

Following the Aug. 3 withdrawal, American CryptoFed no longer has an operative registration for Locke and no definitive regulatory determination on the token’s classification. The organization can submit a new registration that addresses the SEC staff’s stated shortcomings or wait for a possible SEC rulemaking.

The SEC has placed a potential crypto-asset offering rule, identified as RIN 3235-AN38, on its regulatory agenda. As of early August 2026 the proposal remained under White House review and had not been adopted. Staff are considering recommendations that could include exemptions or safe harbors for some token offerings, but no final rule has taken effect and there is no assurance any future rule would apply to Locke’s design.

Until the commission adopts a formal rule that covers Locke’s structure, or American CryptoFed files a new registration that satisfies SEC staff, the token’s regulatory status will remain unresolved.