The American CryptoFed company, registered in Wyoming as the first decentralised autonomous organisation (DAO), sent a request to the United States Securities and Exchange Commission (SEC) for registering and trading an algorithmic stablecoin Ducat and the Locke governance token that is used to stabilize the first one.
Both coins will follow a service function in the blockchain designed by CryptoFed based on EOS with a DPoS consensus algorithm.

It turned out that CryptoFed made their application by Form 10 which is normally used for the registration of securities on stock exchanges. This is an obligatory requirement for companies with capital over 10 mln USD and with a number of stakeholders exceeding 750; the rest can take part of their free will. So now The American CryptoFed can expect their tokens registered within the next 60 days.

Officially, the Ducat stablecoin is presented as an asset safe from inflation/deflation that is used to save capital and make "free" transactions with high capacity. The Ducat rate will be stabilised by the Locke governance token. According to Marian J. Orr, a CryptoFed representative, managing the Ducat rate with the help of Locke is quite the same as the actions of the Fed in the open market.

If Ducat and Locke are successfully registered as securities, CryptoFed is planning to request permission for new emissions of tokens according to Form S-8. This will enable them to continue distributing non-traded and disqualified Locke freely as a stimulation.

Thus, The American CryptoFed is expected to become the first-ever company with crypto officially registered as securities. This was all possible due to the fact that Wyoming accepted a law that made cryptocurrencies equal to money in 2019 and to the times when crypto start-up Avanti and Bitcoin exchange Kraken were awarded the status of financial institutions back in 2020.

The idea to make a coin protected from inflation and deflation is really relevant now, however, the authors of Ducat don’t share the methods that help them reach this stability of the coin’s purchasing value. Looks like these will be centralised methods. Which means that these methods will be similar to the methods the Fed uses to USD, yet the inflation for dollar is not equal to zero.

Which means that Ducat is another pseudo-stablecoin. What about you, dear forum users, what do you think of it?