- The organization opposed the position of the regulator
- Previously, the SEC classified the native FIL token as a security
- This will significantly slow down the development of the project and put an end to the idea of a public launch of Filecoin Trust from Grayscale
Yesterday, May 18, we reported that the Securities and Exchange Commission (SEC) considers the FIL token as a security. The decision of the regulator puts an end to Grayscale’s plans to promote the Filecoin trust.
The position of the department was also commented on by the Filecoin Foundation. Recall that this is a development fund for a decentralized peer-to-peer data storage platform, on which mutual settlements are carried out in FIL tokens.
“Over the past decade, thousands of people around the world have contributed to the development of this open source project to create a reliable and efficient repository for the most important information. This includes hundreds of organizations and teams working online, dozens of companies, thousands of vendors, and 13,000 contributors on Github. All of them create the foundation for the development of a new generation of the Internet.”
By opinion representatives of the fund, FIL does not meet the definition of a derivative for a number of reasons. In particular, it does not serve to generate profit, which is an important element of stocks and other securities.
Grayscale generally agrees with this. But the company, quite obviously, does not want a lawsuit with the SEC. Therefore, they do not exclude the option in which the trust will have to be liquidated.
We previously reported that the chairman of the regulator, Gary Gansler, was caught in hypocrisy. When he lectured at MIT, he called all cryptocurrencies commodities. Now his opinion, as well as the position of the department, have changed radically.