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Grayscale Withdraws Filecoin Trust Form 10 Registration
Following two instances of the SEC naming Filecoin a security in lawsuits, Grayscale elected to withdraw its Filecoin Trust Form 10 registration.
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This Friday, Grayscale announced it has filed a request with the Securities and Exchange Commission to withdraw its Form 10 application for its Filecoin Trust. The company cites the recent naming of Filecoin as an unregistered security in two major lawsuits as the main reason behind the decision.
Grayscale Withdraws Form 10 For Filecoin Trust
On June 9th, Grayscale Investments announced it is withdrawing its Form 10 registration statement for the Grayscale Filecoin Trust. According to the press release, the main reason behind the decision is the fact that the SEC named Filecoin as one of the unregistered securities in its recent lawsuits against Binance and Coinbase.
Grayscale initially filed the registration on April 14th, 2023. Additionally, it announced in mid-May that it had received a response from the alleging that the fund’s underlying assets—Filecoin—is considered a security by the Commission.
Grayscale has been embroiled in a lengthy back-and-forth with the SEC with regard to several of its proposed products. Most notable of these is the fight for the listing of US’ first spot BTC ETF. Grayscale even sued the Commission last summer over its rejection of one of the applications for the exchange-traded fund.
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SEC Names Dozens of Cryptocurrencies as Securities in Binance, Coinbase Lawsuits
This week, the Securities and Exchange Commission unveiled two major lawsuits targeting the cryptocurrency industry. On Monday, it announced that it had sued the world’s largest cryptocurrency exchange, Binance, as well as its CEO, Changpeng Zhao.
Additionally, the SEC sued the largest US-based cryptocurrency exchange, Coinbase. On both occasions, a major part of the complaint was the allegation of unregistered securities offering in the form of numerous digital assets.
Along with FIL, some of the most notable cryptocurrencies identified as securities in the lawsuits are SOL, ADA, MATIC, MANA, SAND, and NEXO. Additionally, SEC Chair Gary Gensler has previously stated that he believes nearly every cryptocurrency is, in fact, a security.
Do you think Grayscale will make another attempt to file Form 10 for its Filecoin Trust at a later date? Let us know in the comments below.
Tim Fries
Tim Fries is the cofounder of The Tokenist. He has a B. Sc. in Mechanical Engineering from the University of Michigan, and an MBA from the University of Chicago Booth School of Business. Tim served as a Senior Associate on the investment team at RW Baird's US Private Equity division, and is also the co-founder of Protective Technologies Capital, an investment firm specializing in sensing, protection and control solutions.
