TechFlow news: The U.S. Securities and Exchange Commission (SEC) has requested Grayscale to withdraw its application for launching a Filecoin (FIL) Trust product, stating that FIL "meets the definition of a security."
In response, Grayscale stated it does not believe FIL qualifies as a security under federal securities laws, and intends to timely respond to SEC staff with legal support for its position. Grayscale will subsequently determine whether it is necessary to seek modifications enabling the trust to register under the Investment Company Act of 1940, or to pursue dissolution of the trust.
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