US SEC Requests Grayscale to Withdraw Filecoin Trust Application, Claiming Filecoin Is Security

Grayscale announced that the US Securities and Exchange Commission (SEC) has requested the asset management company to withdraw its application to launch a Filecoin Trust product.

Grayscale filed the registration statement of the Filecoin Trust with the SEC on April 14th, 2023. In the response Grayscale received from the SEC on May 16th, the regulator said the Trust's underlying asset, $FIL, meets the definition of a security under the federal securities laws, and requested that Grayscale seek withdrawal of the registration statement promptly.

Grayscale said it does not believe that $FIL is a security under the federal securities laws, and intends to respond promptly to the SEC staff with an explanation of the legal basis for Grayscale's position.

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