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