NEW: The New York State Attorney General's office is suing crypto exchange KuCoin, alleging it offered unregistered securities and commodities under state law – including ether. nikhileshde cheyenneligon nelwang report
Explore the policy fallout from the 2022 market crash, the advance of CBDCs and more.New York State Attorney General Letitia James filed suit against KuCoin on Thursday, alleging thhe Seychelles-based crypto exchange is violating securities laws by offering tokens – including ether – that meet the definition of a security without registering with the attorney general’s office.
The suit is the first time a regulator has claimed in court that ether is a security. Though Securities and Exchange Commission Chairman Gary Gensler has hinted that his agency might consider ether to be a security, the SEC’s sister regulatory agency – the Commodity Futures Trading Commission – has long maintained that both bitcoin and ether are commodity assets.
James’ suit argues that ether is considered a security under the Martin Act – a 102-year-old New York anti-fraud law that gives the Attorney General powers to investigate securities fraud and bring both civil and criminal actions against violators – because the value of ether is dependent on the efforts of others, including co-founder Vitalik Buterin.
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