American CryptoFed and Secretary of State clash over whether a token issuance is a security; court action pending
Organizers of American CryptoFed told the select committee the state's actions chilled their project; the Secretary of State said the office repeatedly warned the group the token looked like a security and sought a court injunction after the group announced an intended issuance.
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Organizers of American CryptoFed and the Wyoming Secretary of State presented sharply different accounts to the select committee about whether the group’s proposed “lock” token is a security under Wyoming law and whether the state properly provided regulatory clarity before seeking a court injunction.
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