The United States first recognised decentralised autonomous organisation (DAO) has run into trouble with the Securities and Exchange Commission (SEC) on token registrations for 2021. The DAO’s application in September 2021 describes the DAO’s planned monetary system in Wyoming, which would use the Locke & Ducat token as its primary currency.
The DAO filed with the SEC in 2021 to register its native, interdependent tokens, including the stablecoin Ducat and the governance token Locke. Still, the SEC has initiated processes to obtain a stop order due to several issues with the registration. According to earlier reports, Ducat is a stablecoin designed to withstand inflation and deflation. Locke is the DAO’s governance token and will be used to maintain order in the tDucat ecosystem and make its management more effortless.