Tuesday, June 6, 2023

On March 9, 2023, the New York state Attorney General Letitia James said her office had taken action against a cryptocurrency exchange based in Seychelles named Kucoin. People from the attorney general’s department were able to purchase crypto coins from the exchange even though it was not registered in New York. Apart from the lawsuit, James and her team also argued that Ethereum (the second largest crypto coin by market value) is actually a security.

Will New York Attorney General’s Decisions Shape the Future of Cryptocurrency?

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Two weeks ago, the New York Attorney General Letitia James sued a company called Coinex. This past Thursday, she also sued another company called Kucoin which is a crypto trading platform. The lawsuit said that Kucoin broke two laws: it didn’t register as a securities and commodities broker-dealer and lied about being an exchange. Ms. James hopes to stop Kucoin from operating in New York States with this action and other similar ones before it in order to control cryptocurrency platforms.

A new court case states that digital assets like Ethereum (ETH), Terra (LUNA) and Terrausd (UST) are all securities. This means that Kucoin, the company that deals with these assets, is required to register as an official broker in the state of New York according to their rules. In the court’s explanation, they explain why Ethereum (ETH) is seen as a security.

Ethereum is an investment product. The people who developed Ethereum encourage investing in it because the Ethereum network can grow over time. For example, on its website, the Ethereum Foundation mentions that many users view Ethereum as an investment opportunity which is similar to Bitcoin and other types of cryptocurrencies. ICO documents also suggest that over time, few new Etheruem will be released, which means they will become rarer and more valuable.

Recently, people in the cryptocurrency world has been discussing if Ethereum (ETH) is a type of security. This topic came up when James and the Office of Attorney General took legal action against Kucoin. People on social media and crypto websites have been talking about this a lot since then.

Right now, the cryptocurrency market is really low. It has dropped over 6% down to around $942 billion. Bitcoin and Ethereum have both gone down around 8%, losing a lot of cash against the US dollar.

Do you think that the New York attorney general’s decisions will force more regulations in the cryptocurrency industry? Do you think Ethereum should be treated like a security? Give us your thoughts in the comments section below!

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