Breaking: NYAG lists Ethereum (ETH) as security in lawsuit against Kucoin
The New York AG wants to stop Kucoin’s operations in the region via the lawsuit
The NYAG also alleges that the crypto exchange violated securities law through its Kucoin Earn – a lending and staking service. In addition, the lawsuit asserts that Kucoin failed to register with theand CFTC. Moreover, the exchange failed to disclose information related to its activities in the state even despite the OAG issuing a subpoena.
“a court order that stops KuCoin from misrepresenting that it is an exchange, prevents the company from operating in New York, and directs KuCoin to implement geo-blocking based on IP addresses and GPS location to prevent access to KuCoin’s mobile app, website, and services from New York.”Moreover, in her case against the crypto exchange, AG James brands Ethereum , Terra (LUNA, and UST as securities. The AG used the Howey Test to classify them as securities.
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