Tag: SEC

Filecoin Foundation Lashes Out at SEC for Classifying FIL as Security

Grayscale also noted that it doesn’t believe that Filecoin is security and seeks to respond to the SEC staff with a legal basis for their position. Earlier this week, the US Securities and Exchange Commission (SEC) classified the cryptocurrency Filecoin as a security and even asked asset manager Grayscale to pull up their application for the Grayscale Filecoin Trust. However, Filecoin has rejected the observation from the SEC adding that FIL was not a security. The Filecoin Foundation described the blockchain network as “a decentralized, peer-to-peer network for storing files”.…

Filecoin Labeled as Security, SEC Asks Grayscale to Withdraw Filecoin Trust

The SEC crackdown on crypto firms has intensified significantly since the bear market of last year incited by several collapses and bankruptcy filings of crypto exchanges. The United States Securities and Exchange Commission (SEC) has tagged Filecoin (FIL) as an unregistered security. As a result, the regulator expects Grayscale Investments its application for Filecoin Trust. According to an update given by Grayscale about the status of the Trust’s registration in a statement on Form 10, a letter was sent to it by the SEC detailing the categorization of FIL. Noteworthy,…

SEC Hinman docs could become public by June 6, lawyer suggests

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Defense lawyer and former federal prosecutor, James K. Filan, expects the infamous Hinman Speech documents to be released to the public by June 6, citing a previous court order. The Hinman documents relate to a 2018 speech from former Securities and Exchange Commission (SEC) corporation finance division director Bill Hinman, who essentially stated that Ether (ETH) was not a security. The documents involve the SEC’s internal discussion and deliberations around this speech. In a May 17 Twitter thread, Filan, who has been actively following the SEC vs Ripple case over the…

SEC warns Filecoin ‘meets definition of a security’ — Grayscale

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The United States Securities and Exchange Commission (SEC) believes Filecoin’s native FIL token is a security, crypto asset manager Grayscale Investments has revealed. According to the May 17 announcement, Grayscale lodged an application with the regulator to launch a Filecoin Trust product on April 14, which would provide investors with indirect exposure to the underlying FIL token. In a comment letter from SEC staff on May 16, the regulator then warned Grayscale that FIL “meets the definition of a security” under federal law and asked them to withdraw their application…

Filecoin Price Drops After SEC Asks Grayscale to Withdraw FIL Trust Application

“The SEC staff requested that Grayscale seek withdrawal of the registration statement promptly,” Grayscale said. “Grayscale does not believe that FIL is a security under the federal securities laws and intends to respond promptly to the SEC staff with an explanation of the legal basis for Grayscale’s position. Grayscale cannot predict whether the SEC staff will be persuaded that Grayscale’s position is correct, and if not, whether it may become necessary for Grayscale to seek accommodations that would enable the Trust to register under the Investment Company Act of 1940…

Coinbase to Expand to Singapore as US SEC Denies Answerability

The firm also conducted a survey recently to asses the constructive stance of policymakers towards crypto and Web3 in Singapore. Crypto exchange Coinbase is looking into relocating to Singapore as the United States Securities and Exchange Commission rejects the company’s requests for regulatory clarity. The US SEC recently asked the judge to deny Coinbase’s bid to coerce the agency to answer Coinbase’s rulemaking petition. The petition was submitted last year asking for clarity on how securities laws applied to cryptocurrency. Last month, Coinbase filed a lawsuit against SEC asserting that…

Court victory for Ripple as judge denies SEC motion to seal Hinman docs

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A motion from the United States securities regulator to seal the controversial Hinman documents has been denied — a move that has been seen as a win for the Ripple and crypto community. Judge Analisa Torres for the U.S. District Court ruled that the documents are “judicial documents” subject to a strong presumption of public access.  Excerpt from Judge Torres’ ruling. Source: USDC “The Hinman Speech Documents “would reasonably have the tendency to influence [the Court’s] ruling on a motion,” she added.  Judge Torres also said the court is rejecting…

SEC Can’t Seal Docs Tied to Hinman’s Ether Speech, Judge in Ripple Suit Rules

“As Judge Netburn found in her order dated January 13, 2022, the Hinman Speech Documents are not protected by the deliberative process privilege because they do not relate to an agency position, decision, or policy,” Torres wrote. “Therefore, sealing these documents would not be related to preserving ‘openness and candor’ within the agency, nor would such an interest be substantial enough to outweigh the strong presumption of public access.” Source