Grayscale from the SEC team Filecoin (FIL) received a letter of opinion stating that it met the definition of a security under federal securities laws and therefore met the definition of an investment company under the Investment Company Act of 1940. SEC employees requested Grayscale’s immediate withdrawal of the registration statement.
Grayscale considers SEC employees to disagree and intends to respond promptly with an explanation of the legal basis for Grayscale’s view that the FIL is not a security under federal securities laws.
Grayscale has a product called the Grayscale® Filecoin Trust (FIL) that allows users to buy and sell Filecoins.
Grayscale wanted to make this product more official and easier for investors to use, so on April 14, 2023, it requested the Securities and Exchange Commission (SEC), the government agency that oversees exchanges, to approve its product.
But on May 16, 2023, Grayscale received a letter from the SEC stating that they thought Filecoin was not a digital currency but a security like stocks or bonds. The SEC said this means that Grayscale’s product is not allowed to be certified as-is and Grayscale must stop trying to get approval.
*Not investment advice.
Source: Bitcoinsistemi.com