This week, the SEC filed a lawsuit against leading cryptocurrency exchanges Binance and Coinbase.
Stating that the stock exchanges violated the securities laws in these lawsuits, the SEC also argued that the altcoins that it has named are securities.
One of these altcoins was Filecoin (FIL).
After this characterization of the SEC, the Filecoin team made statements against the SEC's claims on its official Twitter account.
Stating that Filecoin is not a security, the team said that Filecoin is "a global cryptocurrency-powered storage network that protects humanity's most important information."
Stating that the Filecoin network has more than 3,500 storage provider systems in more than 40 countries, the team stated that more than 4.5 PiB of data is added to the Filecoin network every day.
“Filecoin is not a security, it is a global cryptocurrency-powered storage network that protects humanity's most important information.
The Filecoin network also protects critical scientific, human rights and government data, providing secure storage for more than 1,500 customers. It stores open data generated by NASA, the NIH, the National Weather Service, and the US Geological Survey…"
Finally, the team noted that members of the US Congress openly stated that Filecoin is not a security.
“We are pleased that many policy makers, including members of the US Congress, have made it clear that Filecoin is not a security.
Filecoin is not an investment contract; It's a fundamental technology for the future of the web."
*Not investment advice.