Crypto Project Pulls 10 Trillion Token Filing After SEC Rejection

The withdrawal leaves American CryptoFed without a current route to register Locke and without a ruling on whether the token falls under federal securities law. The organization first sought to register Locke in 2021 through its now-dissolved predecessor. It attempted to withdraw the filing in July 2022 after the SEC opened administrative proceedings over alleged disclosure deficiencies. The Commission dismissed those proceedings in February 2026 after determining the withdrawal had been effective. It expressed no view on whether Locke or Ducat qualified as securities.

American CryptoFed said it could submit another filing under a potential SEC crypto framework identified as RIN 3235-AN38. That initiative was still classified as an economically significant proposed rule undergoing White House review as of Aug. 4, with no legal deadline for completion. The SEC's regulatory agenda says staff is considering rules governing crypto-asset offerings that could include exemptions and safe harbors. No proposal had taken effect, and the agenda does not establish that Locke would qualify for any eventual exemption.

SEC Chair Paul Atkins described a possible future framework that would provide crypto innovators bespoke pathways to raise capital in the US while providing appropriate investor protections. The initiative remains a proposed rule rather than an operative exemption.

Any renewed Locke effort would require American CryptoFed to submit a new registration statement addressing the staff's concerns or wait for a regulatory pathway that has been formally adopted and applies to its token model.