Securities and Exchange Commission officials believe that Filecoin “meets the definition of a security under federal securities law,” the commission told Grayscale Investments in a commentary letter.
“Grayscale received a comment letter from SEC staff stating that the trust’s underlying asset, FIL, meets the definition of a security under federal securities laws,” Grayscale said in a statement.
SEC personnel also requested that Grayscale retract its registration statement for Filecoin Trust.
Grayscale pushed back on the characterization. The opinions of SEC staff do not reflect the official position of the Committee. Commissioners vote on enforcement action based on staff recommendations.
“Grayscale does not believe FIL is a security under federal securities laws and plans to respond promptly to SEC staff with an explanation of the legal basis for Grayscale’s position,” Grayscale said. “Grayscale cannot predict whether SEC personnel will be convinced that Grayscale’s position is correct.”
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