A letter from the investment management department of the US Securities and Exchange Commission said in a letter on October 1 that bitcoin is not a security. Cipher Technologies' Bitcoin Fund (Cipher) filed a registration statement with the Securities and Exchange Commission (SEC), which applied to become the Investment Company Act (the "40 Act") in 1940. A closed-end fund and an "investment company." Cipher’s position on the written comments submitted to the committee and in person at the meeting was that Bitcoin was a security. SEC staff disagreed with Cipher's inferences based on Howey and the SEC's digital asset analysis framework released earlier this year.