The United Sates’ first legally recognized Decentralized Autonomous Organization (DAO), American CryptoFed DAO (CryptoFed), files with the U.S. SEC to become a public company.
On July 1, 2021, State of Wyoming approved American CryptoFED DAO, a Decentralized Autonomous Organization as a legal entity as per the revised company law. This marked CryptoFed becoming the first Legally recognized Decentralized Autonomous Organization (DAO) in the US.
American CryptoFed DAO Files With SEC
American CryptoFed DAO files Form 10 and Form S-1 with the U.S. SEC to register Locke and Ducat tokens issued on the CryptoFed blockchain.
Form S-1 will not become effective until SEC’s declaration, Form 10 becomes effective automatically in 60 days subjecting CryptoFed to SEC’s periodic reporting requirements and making CryptoFed the first legally recognized DAO in the USA as well as the first public DAO in the world.
Marian Orr, CryptoFed CEO, said:
“To become a truly decentralized autonomous organization, we intend to widely distribute a percentage of CryptoFed’s Locke governance tokens, free of charge, to contributors, including municipalities, merchants, banks, crypto exchanges, and individuals who will participate in the CryptoFed Ducat Economic Zone. The CryptoFed uses the part and parcel of buying and selling between Locke and Ducat to stabilize Ducat through ongoing open market operations similar to those of the Fed.”
A DAO is an organization governed by rules encoded as a computer program to make share decisions. DAOs are controlled by the organization members and not influenced by a central government. A DAO’s financial transaction record and program rules are maintained on a blockchain.
The American CryptoFed DAO
The American CryptoFed DAO was established by mSHIFT Inc. on July 1st 2021, a natural evolution from American CryptoFed Inc.
mSHIFT, doing business as AnyWhereMobile, founded in1999 by Scott Moeller, pioneered mobile banking in the United States, and has a long history of working with community financial institutions and local merchants.