cryptonews.net
The developer of Filecoin Protocol Labs defended Filecoin ($FIL) and stated that the native token of the platform is not a security. On June 9, the company published a series of Twitter posts in which it denied the allegations by the US Securities and Exchange Commission (SEC) regarding the project.
Earlier, the SEC had declared that Filecoin ($FIL) was a security after Grayscale had filed for an investment product of the Filecoin Trust. The latter had to withdraw its application because a commentary letter sent by the SEC stated that the $FIL token “met the definition of a security.” The SEC has recently designated several cryptocurrencies as securities and filed suit against crypto exchanges Binance and Coinbase.
While the exchange cases will not have a particular impact on the decentralized storage solution that Filecoin represents, there will definitely be implications for the future of the crypto market and tokens like $FIL. Over the past few days, the price of the Filecoin token has fallen by more than 15%. At the time of writing, the token is trading at $4.07. Other assets included in the regulator's list also suffer losses.
Image: Binance Academy