The crypto project trying to replace the US banking system just pulled its 10 trillion token filing

American CryptoFed withdrew its second attempt to register the Locke governance token after the US Securities and Exchange Commission (SEC) staff found numerous material failures in its disclosure filing.The Wyoming organization submitted the withdrawal request on Aug. 3, preventing its Form 10 registration statement from becoming effective automatically on Aug. 15 while the staff’s concerns remained unresolved.American CryptoFed operates as a Wyoming nonprofit unincorporated association and describes itself as the successor to American CryptoFed DAO LLC.The organization says its network is designed to address what it considers structural weaknesses in fractional reserve banking.It argues that the US monetary system depends on extensive supervision from agencies including the Federal Reserve and the Office of the Comptroller of the Currency, alongside deposit insurance provided by the Federal Deposit Insurance Corporation.American CryptoFed proposes replacing that structure with a token-based monetary system intended to operate without inflation, deflation, or transaction costs while supporting maximum employment.Its constitution assigns Locke a governance role within that system, ...