Filecoin Price Drops After SEC Asks Grayscale to Withdraw Application to Make Trust Reporting

The U.S. Securities and Exchange Commission (SEC) asked Grayscale to withdraw its application to make its Filecoin (FIL) Trust product more like a public company, the asset manager revealed Wednesday.

Grayscale had voluntarily filed a Form 10 to make its Filecoin Trust product a reporting company under which it would have been required to file quarterly and annual reports. The SEC has now asked Grayscale withdraw that application.

Grayscale said in a press release that it had received a comment letter from the federal securities regulator saying FIL “meets the definition of a security.”

Source: Filecoin Price Drops After SEC Asks Grayscale to Withdraw Application to Make Trust Reporting