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Protocol Labs Defends Filecoin's Non-Security Status Amid SEC Labeling

Protocol Labs, the developer of Filecoin, has defended the FIL token against the SEC's claims that it is a security. In a lengthy Twitter thread, Protocol Labs offered several reasons why Filecoin is not a security.

The SEC had previously stated that FIL was a security after Grayscale applied for a Filecoin Trust investment product. The statement from Protocol Labs comes as the SEC files cases against Binance and Coinbase, which could have far-reaching consequences for the future of the market and tokens like FIL. The price of FIL has dropped by over 15% since the SEC charged Binance and Coinbase.

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