Zcash (ZEC), Horizen (ZEN), and Stellar (XLM) may now be deemed securities, according to recent SEC filings filed by the crypto investment company Grayscale. These filings were made in light of the fact that Zcash (ZEC), Horizen (ZEN), and Stellar (XLM) truly exist today.

Grayscale stated in the filings that it was responding to SEC personnel from the Division of Corporate Finance and Enforcement, which is the investigative department of the Commission that has been gradually increasing its focus on regulating cryptocurrency. The Division of Corporate Finance and Enforcement is part of the Division of the Securities and Exchange Commission.

These cryptocurrencies are just anomalies in an empire that was previously much more vast since ZEC, ZEN, and XLM only account for a combined total of $40 million of Grayscale’s roughly $18.7 billion in assets under control from funds and trusts. Grayscale had over $60 billion worth of assets when the cryptocurrency market was at its peak in November before its value collapsed along with the rest of the markets for cryptocurrencies as a whole.

In related news, Grayscale, which is currently accumulating a market valuation of $142.82 billion, may become an unintentional victim as a result of Ethereum’s switch to a proof-of-stake system, which is also known as the Merge, according to a report that was just recently published by the blockchain analytics site DappRadar. The Merge will take place as a result of Ethereum’s decision to switch to a proof-of-stake system.

According to the DappRadar report:

Grayscale has expressed worry on the possible effect that it might have on the Merge, particularly with regard to tokens that operate natively on Ethereum. The cryptocurrency investing company thinks that the Merge might result in a fork that could lead to unanticipated and adverse effects.

One of the worries that Grayscale has expressed about the Merge relates to the fact that it is possible that stablecoins and tokens that are trapped in smart contracts may no longer be redeemable.