Shades of Grey, Reveal SEC Inquiries Say Cryptos XLM, ZEC, ZEN May Be Securities

Although relatively small trusts, any uncertainty surrounding this trio’s legal status – namely whether they are securities – underscores the stakes of Grayscale’s regulatory venture. Its fiduciary business assumes that these cryptos are not securities; if it decides otherwise, the filings say, it may have to pull the plug on the trusts.