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
