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- Grayscale has received a communication from the SEC indicating that FIL may qualify as a security.
- FIL is currently priced at $4.54, reflecting a 2.64% rise according to CoinMarketCap.
On May 17, a press release was issued concerning Grayscale Investments, a digital currency asset management firm. It addressed the Filecoin (FIL) Trust Product in relation to the U.S. Securities and Exchange Commission (SEC).
The press release stated:
“Grayscale received a comment letter from the SEC staff expressing their opinion that the Trust’s underlying asset, FIL, fulfills the criteria of a security under federal securities laws, and consequently, the Trust appears to qualify as an investment company under the Investment Company Act of 1940.”
A member of the SEC staff sent a comment letter to Grayscale regarding the withdrawal of the Trust’s Registration Statement this Tuesday. Given that the product may be subject to federal securities law, the SEC issued a letter. However, Grayscale has contested the letter and responded:
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“Grayscale cannot foresee whether the SEC staff will be convinced that Grayscale’s stance is accurate, and if not, whether it may become necessary for Grayscale to pursue options that would allow the Trust to register under the Investment Company Act of 1940 or, alternatively, seek the dissolution of the Trust.”
Filecoin Updates
As the SEC intensifies its regulatory efforts in the cryptocurrency sector, Filecoin (FIL) has found itself adversely affected. Nevertheless, there has not been any significant surge or development for Filecoin recently. Currently, FIL is trading at $4.54 with a trading volume of approximately $149,336,444 according to CoinMarketCap at the time of this analysis.
FIL Price Change in 24 Hrs (Source: CoinMarketCap)
According to the chart, FIL has declined over the past month from $6.12 to $4.54 today. This indicates a bearish trend with a recorded loss of 25.78% over a circulating supply of 425 million. However, the chart shows a slight bullish trend in the last 24 hours with a price increase of 2.64%.
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Filecoin (FIL) Price Prediction 2023
