The four most famous international exchanges:

Binance INTL	OKX INTL	Gate.io INTL	Huobi INTL
China Line　APP DL	China Line　APP DL	China Line　APP DL	China Line　APP DL

Note: The above exchange logo is the official website registration link, and the text is the APP download link.

Coin Circle (120BTC.com) News: In the documents submitted to the SEC by Grayscale for its trust funds XLM, ZEC, and ZEN, it was found that documents from May to August began to have different statements about the properties of the tokens, and admitted that The tokens mentioned above may be securities. What surprised the community was that ZEC, which had no pre-mining or PoW mechanism, was also locked by supervision.

In addition to facing the long-term sharp discount of GBTC, Grayscale’s intention to transform GBTC into a spot currency has also been blocked. Now its trust funds are more likely to be classified as securities.

 Grayscale statements change month by month

Grayscale’s descriptions of trust funds such as Stellar (XLM), Zcash (ZEC) and Horizen (ZEN) in documents submitted to the SEC have changed slightly in the past few months.

Grayscale pointed out in its August filing that the SEC has contacted Grayscale regarding the security attributes of ZEC, and Grayscale does not rule out the possibility that ZEC may be classified as a security over time, and may be classified by the SEC, Federal agency audits.

In addition, Grayscale also said the same about XLM and ZEN. He also revealed that SEC enforcement department personnel have contacted the trust fund sponsors, and they are also responding to the SEC's issues.

 How broad is the scope of securities?

The total trust funds of ZEC, ZEN and Concerns classified as securities.

Venture capital partner Adam Cochran, venture capital firm Delphi
Digital all stated that ZEC’s initial token issuance mechanism was very conservative. There was no pre-mining or ICO, and everyone could participate in mining. If the SEC believes that ZEC is a security, then they may think that all cryptocurrencies are securities.

ZEC is a stealth coin project modified from the Bitcoin code, and therefore retains some Bitcoin characteristics, such as the same total amount and the halving of mining rewards approximately every four years.

That’s why Adam Cochran was surprised by the SEC’s measures, but what he didn’t mention was that 20% of all mining rewards are owned by the developers behind Zcash and used as development funds.

This was called the founder's reward in the early days of Zcash's issuance, and it also means that Zcash's issuance mechanism is still not as simple as Bitcoin.