Protocol Labs Responds to SEC, Says Filecoin Is Not a Security

Protocol Labs, the Filecoin development team, has refuted the SEC's claim that FIL tokens are securities, saying that Filecoin is a decentralized file storage network and not a security, and that the Filecoin network is an open source project with thousands of contributors worldwide. Previously, the SEC's request for Grayscale to withdraw the FIL Trust was not a Commission opinion, nor was it an enforcement action against the Filecoin network or any member of the Filecoin community. Support Grayscale's plan to respond to the SEC's explanation that Filecoin is not a security. 

In previous news, on May 17, the SEC asked Grayscale to withdraw the FIL Trust application, stating that FIL "meets the definition of a security".