Marc Cuban's unprecedented solution against the SEC for Filecoin (FIL)

Until now, the Grayscale vs SEC lawsuit over Bitcoin trust to ETF conversion did not come to fruition. And even worse, the filecoin that the digital currency asset management giant had just launched was awarded the security status by the US regulator. Marc Cuban could not stay unmoved by this and decided to go to the front.

Filecoin (FIL), a security? Marc Cuban has a plan against the SEC

Recently, Grayscale Investment filed a Form 10 with the SEC seeking an authorization for the Filecoin Trust. An initiative that Gary Gensler’s team did not take kindly to the point of requesting the withdrawal of this request. Because in his eyes, the FIL token “ meets the definition of a security under federal securities laws “.

The famous plan of Marc Cuban – Source: Twitter

This won’t work with Filecoin or chains that release their own tokens, but what might come next for tokens is releasing them all, leaving no cash, taking the proceeds and using them to provide liquidity using DeFi to form the token and then dissolve the original entity that released the token. This is then true decentralization and there is no way to close the token that I can imagine. What do you think ? »

Marc Cuban

This tweet from the American billionaire is a response to Rodrigo’s post that criticized the SEC’s attitude towards Filecoin. In this post dated May 18, the latter actually spoke of injustice, lack of respect for due process, and also of top Down.

As for Marc Cuban, he described a scenario which will make it possible to escape a possible lawsuit from the SEC in his response.

A “true decentralization” to thwart the maneuvers of the SEC

The idea of ​​not leaving any tokens in the treasury of a crypto company and using DeFi to obtain liquidity crystallizes this decentralization advocated by Marc Cuban. At this point, the SEC will have little chance of succeeding in its ventures against Filecoin and other digital assets.

This proposal pleased John E Deaton:

Commentary by John Deaton – Source: Twitter

It’s a smart idea that’s probably part of someone’s tactic right now. But we have to keep fighting the SEC talk that the underlying asset itself (the token) is the security. In an investment contract, the underlying asset is NEVER the security. »

John E. Deaton

Let’s not forget that Mr. Deaton is a pro-XRP lawyer who has closely followed the Ripple vs SEC case.

Receive a digest of news in the world of cryptocurrencies by subscribing to our new service of newsletter daily and weekly so you don’t miss any of the essential!

Similar Posts