The Wyoming-based decentralized organization has formally asked the U.S. Securities and Exchange Commission to withdraw its recently submitted Form 10 registration statement for the Locke governance token.
American CryptoFed has requested that the U.S. Securities and Exchange Commission (SEC) withdraw its Form 10 registration statement covering the Locke governance token. According to a Form RW filing submitted to the regulator, this request comes only weeks after the organization refiled the registration statement. This followed the dismissal of earlier SEC administrative proceedings.
The withdrawal request does not indicate that the SEC has approved the action. Instead, it asks the Commission to terminate the registration process initiated under Section 12(g) of the Securities Exchange Act.
Withdrawal Marks Another Turn in Lengthy SEC Process
American CryptoFed’s relationship with the SEC has been unusually complex since it first sought to register its digital assets in 2021.
The organization originally filed a Form 10 seeking to register its governance token, Locke. However, it maintained that the token itself should not necessarily be viewed as a traditional security. In November 2021, the SEC initiated administrative proceedings, arguing that the filing contained material deficiencies. Additional proceedings involving the project’s S-1 registration followed in 2022.
Earlier this year, the Commission dismissed both proceedings. This allowed American CryptoFed to decide whether and how it wished to pursue registration in light of changes to the regulatory landscape. The organization responded by filing a new Form 10 on June 16, 2026.
The latest Form RW filing now asks the SEC to withdraw that registration statement before the process is completed. According to the filing, the request relates specifically to the Locke governance token registration statement.
Locke Token Registration Remains Incomplete
The withdrawn registration concerned the Locke governance token rather than CryptoFed’s planned Ducat payment token.
According to the now-withdrawn Form 10, Locke was designed as a governance token with a maximum authorized supply of 10 trillion tokens. The filing stated that no Locke tokens had yet been issued or sold. It also disclosed that token distribution would not begin until SEC registration became effective.
American CryptoFed also described itself in the filing as a Wyoming nonprofit decentralized organization operating under its constitutional framework rather than a conventional corporate governance structure. The filing stated that the organization has no employees, directors or executive officers under its governing documents.
Why The Withdrawal Matters
Although Form RW filings are administrative in nature, they can have important regulatory implications.
Withdrawing a registration statement generally ends the active registration process unless the issuer later files a new registration document. In this case, the filing does not explain whether American CryptoFed intends to submit another Form 10 in the future. It also does not clarify if the company will pursue a different regulatory strategy.
The request also illustrates how digital asset issuers continue to reassess registration approaches. This occurs amid evolving SEC leadership and changing policy discussions surrounding crypto assets.
Unlike securities offerings conducted through registration statements under the Securities Act, Form 10 registrations are primarily intended to register a class of securities under the Securities Exchange Act. They also establish ongoing reporting obligations.
Questions Remain Over CryptoFed’s Next Regulatory Move
The SEC filing provides little explanation for the withdrawal beyond the formal request itself.
Neither the filing nor publicly available SEC records indicate whether Commission staff requested additional amendments before the withdrawal. Furthermore, they do not show whether American CryptoFed plans to submit a revised registration statement.
American CryptoFed’s website continues to describe Locke as the governance component of its proposed decentralized monetary system. It also references the project’s broader objective of launching the Ducat payment token in the future.
For now, the withdrawal means the June 2026 Form 10 will no longer continue through the SEC registration process. This will remain the case unless further action is taken.
Market participants will likely monitor future SEC filings for any renewed registration attempt or additional correspondence. This may clarify the organization’s regulatory plans.
