Ducat, a stable token protected against inflation and deflation, is managed to be stable in purchasing power over time. Inflation and deflation are determined and defined by the personal consumption expenditure price index released monthly by the US Department of Commerce, the same measure used by the Federal Reserve. Similar to the dollar for the Fed, the Ducat is CryptoFed’s daily use currency.
Merchants not only pay transaction fees to accept Ducat as a means of payment for goods and services, but also receive 1-4% rewards for each purchase transaction made in Ducat, while consumers receive rewards from 5.5 to 12%. All rewards are paid by CryptoFed as a method (fiscal policy) to bring Ducat into circulation (not as costs), in order to directly stimulate effective demand to generate maximum employment. To own Ducat, CryptoFed pays 3% to 5% annual interest in Ducat as a method (monetary policy) to adjust savings and spending to deter and cure possible inflation. The adjustment of the range of rewards and interests will be optimized over time through machine learning with the accumulation of historical data.
“CryptoFed voluntarily assumes the mantle of price stability and maximum employment known collectively as the ‘dual tenure’ for the Fed. Our business model is guided by the rewards, interests and stability of the Ducat currency, not income. We are strongly encouraged by both. Former SEC Chairman Jay clayton and current chairman of the SEC Gary Gensler’s previous statements supporting the legality of currencies issued by the private sector, ”said Orr.
Former President Clayton said in an interview with CNBC on June 6, 2018, “Crypto-currencies: these are replacements for sovereign currencies, replace the dollar, the euro, the yen with bitcoin”, he added. “This type of currency is not a security.”
In his Blockchain and Money MIT course, Fall 2018, Section 2: Money, Ledgers & Bitcoin, President Gensler said, “I am not aware of any law, federal or state, that says there is an absolute monopoly. on the form of money … … it is legal to create your own form of money. But you have to comply with all the other laws … “President Gensler also said in Section 19: Primary Markets, ICOs and Venture Capital, Part 1,” … I think there might be a reason for which people want to have a native currency, a native token to start a network and motivate a network over time… ”.
“CryptoFed has innovated two native tokens, Locke and Ducat,“ to start a network and motivate a network in overtime. ”We explain in our Form 10, Item 1 Business, Section 2.9 Locke and Ducat as utility tokens, why Locke and Ducat are utility tokens, not securities. However, if the SEC classifies Locke and Ducat tokens as securities, our intention is to file Form S-8 after our Form 10 filing takes effect, but before the SEC declares our filing of Form S-1 effective. Thereafter, we may continue to grant restricted, non-exchangeable Locke tokens free of charge to contributors in accordance with CryptoFed’s equity incentive plan as defined by the Constitution of CryptoFed. ”said Orr.
SEC Commissioner Hester Pierce said at the British Blockchain Association conference, released on March 16, 2021 on the SEC’s website, the SEC is “a disclosure regulator, rather than a more hands-on merit regulator.” By actively pursuing disclosure through these and subsequent deposits, CryptoFed is “putting private token money into circulation,” the Ducat, proposed by Nobel Prize winner FA Hayek in his 1976 book, Denationalization of Money .
For the purposes of full compliance and maximum disclosure, CryptoFed Form 10 and S-1 filings, the Constitution, the Ducat Economic Zone Plan, and all communications with the SEC, including the filing of this release press release prior to publication, can be viewed at www.americancryptofed .org and https://github.com/americancryptofed
SOURCE DAO American CryptoFed