Home Exchange News Ethereum Tagged as Security by NY Attorney General in KuCoin Lawsuit

Ethereum Tagged as Security by NY Attorney General in KuCoin Lawsuit

  • Crypto Exchange KuCoin sued by NYAG. 
  • NYAG stated Ethereum is a security.

The leading crypto exchange KuCoin is being sued by the New York Attorney General’s office for allegedly breaking state securities and commodities laws. In the case, Attorney General Letitia James makes the shocking statement that Ethereum (ETH), the second-largest cryptocurrency by market capitalization, is a “Security” in addition to Terra (LUNA) and TerraUSD (UST), as previously claimed by the United States Securities and Exchange Commission (SEC).

According to the official tweet from Letitia James, the attorney general of New York, she has filed a lawsuit in an effort to suppress unregistered cryptocurrency platforms. And this is the eighth action taken by the regulators. However, they consider ETH, like LUNA and UST, as speculative assets. That depends on the work of outside developers to generate profits for its owners.