The SEC halted the registration of two digital securities offered by American CryptoFed because information included in its registration documents was “deficient and misleading,” the regulator said Wednesday.
The Securities and Exchange Commission halted the registration of two digital securities offered by American CryptoFed because information included in its registration documents was “deficient and misleading,” the regulator said Wednesday.
The SEC said that American CryptoFed also failed to report required information about the two tokens and about American CryptoFed’s “business, management, and financial condition, including audited financial statements.” Orr also explained in the initial filing and subsequent correspondence with the SEC that the organization did not include financial statements in its filing because “CryptoFed does not have and will never have any revenue or costs.” She added that “CryptoFed’s zero cost operations can be achieved by using its own native tokens, just as the bitcoin blockchain BTCUSD, +0.88% and ethereum ETHUSD, +1.51% blockchain have both demonstrated by incentivizing their miners with their own native tokens.
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