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Last month, Filecoin sent an application for registration of the Filecoin Trust investment product.
A couple of days later, the department responded. It expressed the opinion that the underlying asset of the product corresponds to the feature of the investment contract. At the same time, the agency referred to federal legislation.
The regulator eventually demanded that the company withdraw the registration application. Grayscale itself noted that they do not consider Filecoin a security. Therefore, they will respond to the department in a short time and explain the legal background of the position expressed.
The company said that it does not undertake to predict the results. If it fails to convince the agency, it will either find the necessary registration or liquidate the product.
Note that the company has 17 trusts based on cryptocurrencies. Last year, she filed a lawsuit against the agency, as it refused to convert Bitcoin Trust into Bitcoin-ETF.