An announcement for an altcoin has come from investment firm Grayscale Investments, known for the Grayscale Bitcoin Trust (GBTC). The company filed Friday with the U.S. Securities and Exchange Commission, requesting the withdrawal of its registration statement for the Grayscale Filecoin Trust (FILG) as the SEC continues to argue that Filecoin (FIL-USD) is a security rather than a cryptocurrency. He said he applied. Here are the details…
Grayscale is giving up on this altcoin trust
As we reported on Kriptokoin.com, on Monday the SEC filed a lawsuit against Binance. In that filing, he specifically named a number of altcoins, including Filecoin (FIL), as assets that the regulator considers securities. Grayscale said OTCQB plans to continue to provide reports for the trust in accordance with the Alternative Reporting Standards. The company first filed a registration statement for the Grayscale Filecoin Trust (FILG) on April 14, 2023. Grayscale said it received a comment letter from SEC staff on May 16 requesting that the trust withdraw its registration statement.
In this comment, SEC staff expressed the view that the trust’s underlying asset, Filecoin (FIL), meets the definition of a security under federal securities law. Earlier this week, Grayscale provided an analysis of the Howey metric, providing a response to SEC staff explaining the legal basis for Grayscale’s position that the FIL is not a security. After the SEC named the FIL a security in some applications in federal district court, SEC staff reiterated Grayscale’s request to withdraw FILG’s registration statement. In its withdrawal request, Grayscale said it continues to believe Filecoin (FIL) is not a security.
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