TL;DR Breakdown
• The Securities and Exchange Commission intends to register US crypto companies.
• DAO started the registration process in January.
The DAO group in Wyoming has bridged the gap between the decentralized market and the American regulators. The agency, which goes by CrytoFed, has stepped forward in filing with the SEC.
The form and method for the commission registration were promoted by plan number 38, which the Senate supports. With this registration, the organization will belong to an LLC.
CryptoFed to be first regulated crypto company in the US
Since the beginning of the year, DAO was notified that it could become the first LLC registered with the SEC. At first, it all seemed like a joke, but it was true, CryptoFed would be the first regulated cryptocurrency company in the United States.
The agency had to send only the requirements that the commission requested for the registry and wait for it to be approved. The wait was long, but after nine months, the organization has now been successfully registered.
Among the requirements asked of DAO was to provide information to the SEC about using cryptos and their plans. With this registration system, the SEC is looking to regulate cryptocurrency companies in earnest.
Although the commission had been impartial in regulating crypto, it appears to change its decision today. Like other cryptocurrency regulators globally, the SEC’s goal is to assert control over assets like Bitcoin.
As the registration progressed, the commission asked the decentralized body to register the tokens they use on the platform.
Ducat is registered with the SEC
Ducat could be regulated only by its fixed value in the DAO registration before the Stock Exchange Commission. According to the SEC, this token is used for basic transactions, paying for services, bank deposits, and accounting jobs.
Locke coin is classified as management crypto that serves for bets and locks. Both tokens could be legally used after the crypto organization’s registration is completed.
Wyoming is the promoter of regulated crypto platforms, and these actions may be expanded to other states. CryptoFed’s registration process with the SEC was motivated by the state senator announcements, who created a regulatory plan for cryptocurrencies for years.
After the successful registration, more crypto companies plan to start the SEC registration. This may be a new wave of registrations that will bring growth to the decentralized coin market.
