{"id":326386,"date":"2023-05-18T18:08:59","date_gmt":"2023-05-18T17:08:59","guid":{"rendered":"https:\/\/cryptoslate.com\/?p=326386"},"modified":"2023-05-18T18:09:15","modified_gmt":"2023-05-18T17:09:15","slug":"filecoin-foundation-rejects-secs-classification-of-fil-as-security","status":"publish","type":"post","link":"https:\/\/cryptoslate.com\/filecoin-foundation-rejects-secs-classification-of-fil-as-security\/","title":{"rendered":"Filecoin Foundation rejects SEC\u2019s classification of FIL as security"},"content":{"rendered":"<p>Filecoin Foundation refuted the U.S. Securities and Exchange Commission's (SEC) assertion that its <a href=\"https:\/\/cryptoslate.com\/coins\/filecoin\/\">FIL<\/a>\u00a0token is a security, according to a statement shared with <em>CryptoSlate<\/em>.<\/p>\n<p>On May 17, Grayscale <a href=\"https:\/\/cryptoslate.com\/sec-deems-filecoin-a-security-asks-grayscale-to-withdraw-trust-registration\/\">said<\/a> the SEC asked it to withdraw its registration statement for its Filecoin Trust because the\u00a0token meets the definition of a security.<\/p>\n<p>In an e-mailed response to <em>CryptoSlate<\/em>, the Filecoin Foundation described the blockchain network as &#8220;a decentralized, peer-to-peer network for storing files&#8221; and emphatically stated that FIL was not a security.<\/p>\n<p>The Foundation added:<\/p>\n<blockquote><p>&#8220;Over the last decade, thousands of people around the world have contributed to this open-source project to create a decentralized, efficient, and robust foundation for humanity\u2019s most important information. That includes hundreds of organizations and teams building on the network, thousands of storage providers, and 13,000 Github contributors, building a foundational layer for the next generation of the web.&#8221;<\/p><\/blockquote>\n<p>The SEC news had no effect on FIL which rose 1.87% in the last 24 hours to $<span class=\"holepunch holepunch-coin_price_usd\">4.51097 as of press time, according to <em>CryptoSlate's<\/em> data.<\/span><\/p>\n<p>Meanwhile, this is not the first time that the SEC would be describing a crypto project as a security. In April, the Algorand Foundation <a href=\"https:\/\/cryptoslate.com\/algorand-down-10-despite-foundation-claims-that-it-isnt-security\/\">refuted<\/a> the Commission's classification of its <a href=\"https:\/\/cryptoslate.com\/coins\/algorand\/\">ALGO<\/a> token as a security.<\/p>\n<p>However, SEC chair Gary Gensler has <a href=\"https:\/\/cryptoslate.com\/sec-chairman-gary-gensler-calls-bitcoin-a-commodity\/\">maintained<\/a> that all digital assets except Bitcoin (<a href=\"https:\/\/cryptoslate.com\/coins\/bitcoin\/\">BTC<\/a>) are securities and highlighted the <a href=\"https:\/\/cryptoslate.com\/sec-chair-gensler-highlights-crypto-firms-non-compliance-in-house-committee-testimony\/\">noncompliance<\/a> of crypto firms.<\/p>\n","protected":false},"excerpt":{"rendered":"<p>Filecoin Foundation refuted the U.S. Securities and Exchange Commission&#8217;s (SEC) assertion that its FIL\u00a0token is a security, according to a statement shared with CryptoSlate. On May 17, Grayscale said the SEC asked it to withdraw its registration statement for its Filecoin Trust because the\u00a0token meets the definition of a security. In an e-mailed response to [&hellip;]<\/p>\n","protected":false},"author":720,"featured_media":326394,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"footnotes":""},"categories":[77968,11,76736],"tags":[76690],"post_folder":[],"acf":[],"yoast_head":"<!-- This site is optimized with the Yoast SEO Premium plugin v21.9 (Yoast SEO v21.9.1) - https:\/\/yoast.com\/wordpress\/plugins\/seo\/ -->\n<title>Filecoin Foundation rejects SEC\u2019s classification of FIL as security<\/title>\n<meta name=\"description\" content=\"Filecoin Foundation described the blockchain network as &quot;a decentralized, peer-to-peer network for storing files.&quot;\" \/>\n<meta name=\"robots\" content=\"index, follow, max-snippet:-1, max-image-preview:large, max-video-preview:-1\" \/>\n<link rel=\"canonical\" href=\"https:\/\/cryptoslate.com\/filecoin-foundation-rejects-secs-classification-of-fil-as-security\/\" \/>\n<meta property=\"og:locale\" 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