American CryptoFed withdrew its second attempt to register the Locke governance token with the SEC on August 3. The move stopped the Form 10 registration from becoming automatically effective on August 15. SEC staff had identified material failures in the disclosure filing, according to the organization.
A second attempt, a second setback
This is the latest chapter in a long-running effort by the Wyoming nonprofit to get regulatory approval for its token system. The withdrawal came just days before the registration would have gone live by default. The SEC's concerns about the filing's completeness forced the pullback. No Locke tokens have ever been issued, granted, or sold — and that hasn't changed.
The token that doesn't exist yet
Locke is a governance token with a maximum supply of 10 trillion tokens, designed to run on Ethereum. It's part of a broader plan to replace the U.S. fractional reserve banking system with a token-based monetary system. The organization claims this system would operate without inflation, deflation, or transaction costs while supporting maximum employment. A second token, Ducat, would only launch if Locke's value reaches and sustains $0.10 per token. That's a long way off — Locke doesn't trade anywhere.
A long regulatory road
American CryptoFed first tried to register Locke in 2021. The SEC dismissed those proceedings in February 2026 without ruling on whether Locke is a security. That left the question open. Now the second attempt is also dead, at least for now. The organization may submit a new filing under a potential SEC crypto framework — designated RIN 3235-AN38 — but that rule is still a proposal under White House review. There's no legal deadline for it. SEC Chair Paul Atkins has floated the idea of a safe harbor for crypto innovators to raise capital in the U.S. with investor protections. No such rule has been adopted.
Waiting on a proposed rule
American CryptoFed's next move isn't clear. The proposed crypto framework could offer a clearer path, but it's stuck in review. Until then, the Locke token remains a concept on paper — and the SEC's concerns about disclosure failures hang over any future filing. The organization hasn't said whether it will try again under the current rules or wait for the new ones.
