Security Token: the SEC rejects Filecoin

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    The U.S. Securities and Exchange Commission (SEC) has returned to attack on the security token front, this time denying Grayscale Filecoin Trust’s application for registration.

    The motivation was that the FIL was recognized as a security.

    Grayscale Filecoin Trust Lawsuit Dismissed by US SEC

    The US Securities and Exchange Commission (SEC) battle to regulate cryptocurrencies continues. This time, it was time for Filecoin (FIL), which is defined as a security by the authorities.

    Disclose news was grayscale investment It is itself the world’s largest digital currency asset management company, The Grayscale Filecoin Trust’s application for registration has been denied by the SEC.

    Basically, two days ago the US SEC reportedly sent a comment letter from its staff stating: The trust’s underlying asset, Crypto File Coin (FIL), meets the definition of security..

    therefore, Grayscale should have immediately withdrawn the registration notification.

    The crypto asset management company wanted to: reveal one’s thoughts Possible future situations in the announcement include:

    “Grayscale does not believe FIL is a security” Under federal securities laws, Grayscale plans to respond promptly to the SEC staff on the legal basis for its position.

    Grayscale will need to determine whether SEC officials are persuaded that Grayscale’s position is correct, and if not, seek adjustments to enable Grayscale to register the trust under the Investment Company Act of 1940. I can’t predict if there will be or if it will be necessary to seek a breakup. of the trust. “

    SEC: Filecoin is a security token

    The SEC staff decision was made less than a month after Grayscale filed for registration, but after two full years of launch.

    Really, Grayscale was adding Filecoin Trust It will be available as early as March 2021 along with other crypto products.

    therefore, SEC Only Realizes Only Crypto File Coins Turned Out to be Securities. Despite this episode fill Continued upward trend, prices are coming back $4.55 in the last week.

    Looking at the chart over the past month, we can see that the FIL started at $6.30 and has plunged in price by almost 28%.

    ‘Security Token’ Issue Ends With Ruling in Ripple Lawsuit

    The “security token” problem that has plagued the cryptocurrency world for years is expected to conclude with a final and formal verdict on Ripple vs SEC lawsuit.

    And indeed, while the staff now declares the FIL to be a security, in fact there are no official documents yet to prove its veracity. That’s why grayscale can still appeal.

    By contrast, those who stand to suffer from what could affect the entire crypto world at the level of U.S. regulation, Ripple has been suing since 2020 over the same issue of XRP being a security.

    result This lawsuit is likely Restructuring regulation and classification of all cryptocurrencies So is the future of the cryptocurrency market as a whole. in the meantime, XRP Was Mostly Damaged In This Battleits reserves, cryptocurrency exchanges that have been delisted over time, and access to its prices.

    Still not XRP is still in 6th place by market capitalization, and At current price of $0.46to register 10% pump Over the past 7 days.


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