According to Grayscale Investments, the company filed a Form 10 application to launch the Filecoin Trust on April 10.
Grayscale already has a Filecoin Trust for private use, but more investors will be able to access this product if they register on Form 10.
If the SEC approves the application, Filecoin Trust will become analogous to a public company and will publish statements every quarter.
However, Grayscale received a letter from the regulator in which the SEC warned that the cryptocurrency FIL “meets the definition of a security” and asked the company to withdraw its application for the investment product.
Representatives of Grayscale stressed that, from the company’s point of view, Filecoin can by no means be a security. They said they would send a letter to the SEC explaining their position.
“Grayscale does not believe that FIL is a security under federal law and intends to clarify its position from a legal perspective to SEC representatives shortly,” the company said in a statement.
So far, Grayscale management “can’t anticipate” the SEC’s decision. However, warned that if the regulator does not agree with the company’s position, Filecoin Trust will have to close completely.
Recall that Filecoin Trust appeared on Grayscale’s product list in March 2021 along with similar products on Chainlink and Decentraland.
The development of the Filecoin decentralized storage platform itself began in 2014, and later the FIL cryptocurrency was also launched.
It was recently reported that Grayscale would launch three new cryptocurrency ETFs at once.