SEC Labels Filecoin as a Security in Response to Grayscale Application

The U.S. Securities and Exchange Commission has reportedly labeled Filecoin’s FIL token as a security, according to a Wednesday announcement from Grayscale Investments.

Major crypto investment firm Grayscale had applied to the SEC to launch a Filecoin Trust product which would give investors indirect exposure to FIL.

But the SEC told Grayscale in a letter yesterday that FIL is a security and therefore the application must be withdrawn, according to the firm.

This story is a breaking story and will be updated. 

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Source: https://decrypt.co/140512/sec-labels-filecoin-as-a-security-in-response-to-grayscale-application