FILG - Grayscale files request with SEC to withdraw Filecoin Trust registration on Form 10
2023-06-09 17:11:39 ET
Grayscale Investments, known for its Grayscale Bitcoin Trust ( OTC:GBTC ), said Friday it filed a request with the Securities and Exchange Commission seeking withdrawal of the registration statement for Grayscale Filecoin Trust ( OTCQB:FILG ) as the SEC continues to maintain that filecoin ( FIL-USD ) is a security rather than a cryptocurrency.
On Monday, the SEC had filed a lawsuit against Binance and, in that filing, specifically named a number of alt-coins, including FileCoin ( FIL-USD ) as assets that the regulator considers to be securities.
Grayscale intends to continue providing reports for the trust according to the Alternative Reporting Standards of the OTCQB, it said.
The company originally filed the registration statement for Grayscale Filecoin Trust ( OTCQB:FILG ) on April 14, 2023. On May 16, Grayscale said it received a comment letter from the SEC staff requesting that it withdraw the trust's registration statement. In that comment, the SEC staff stated its view that the trust's underlying asset, filecoin ( FIL-USD ) meets the definition of a security under federal securities law.
Earlier this week, Grayscale, providing an analysis of Howey case law, responded to the SEC staff with an explanation of the legal basis for Grayscale's position that FIL is not a security.
In subsequent written correspondence, following the SEC's naming of FIL as a security in certain filings in federal district court, the SEC staff reiterated its request for Grayscale to seek withdrawal of the FILG's registration statement.
In its withdrawal request, Grayscale said it continued to believe that filecoin ( FIL-USD ) is not a security.
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Grayscale files request with SEC to withdraw Filecoin Trust registration on Form 10