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American CryptoFed and Secretary of State clash over whether a token issuance is a security; court action pending
Summary
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.
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.
Xiaoming Zhou, an organizer for American CryptoFed, told the committee the secretary’s office “insisted… the Secretary of State office does not require the Secretary of State office to answer our questions” and said letters and shifting enforcement raised constitutional due-process concerns. “They did not follow through and they switched,” Zhou said, describing…
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