Grayscale files request with SEC to withdraw Filecoin Trust registration on Form 10

Grayscale Investments, known for its Grayscale Bitcoin Trust ( OTC:GBTC ), said Friday it filed a request with the Securities and Exchange Commission seeking withdrawal of the registration statement for Grayscale Filecoin Trust ( OTCQB:FILG ) as the SEC continues to maintain that filecoin ( FIL-USD ) is a security rather than a cryptocurrency. On Monday, the SEC had filed a lawsuit against Binance and, in that filing, specifically named a number of alt-coins, including FileCoin ( FIL-USD ) as assets that the regulator considers to be securities. Grayscale intends to continue providing reports for the trust according to the Alternative Reporting Standards of the OTCQB, it said. The company originally filed the registration statement for Grayscale Filecoin Trust ( OTCQB:FILG ) on April 14, 2023. On May 16, Grayscale said it received a comment letter from the SEC staff requesting that it withdraw the trust's registration statement. In that comment, the SEC staff stated its view that the trust's underlying asset, filecoin ( FIL-USD ) meets the definition of a security under federal securities law. Earlier this week, Grayscale, providing an analysis of Howey case law, responded to the SEC staff with an explanation of the legal basis for Grayscale's position that FIL is not a security. In subsequent written correspondence, following the SEC's naming of FIL as a security in certain filings in federal district court, the SEC staff reiterated its request for Grayscale to seek withdrawal of the FILG's registration statement. In its withdrawal request, Grayscale said it continued to believe that filecoin ( FIL-USD ) is not a security. More on the Crypto Clampdown: Robinhood ends support for cardano, polygon, solana amid regulatory scrutiny Coinbase: The Outlook Is Cloudy After the SEC Lawsuit SEC versus crypto: Regulatory clarity or confusion? Coinbase willing to take fight with SEC to the Supreme Court SEC sues Coinbase for operating as unregistered broker Crypto prices suffer as SEC sues Binance and CEO