New York AG sues KuCoin, claims Ether is a security NewYork KuCoin crypto
- New York Attorney General Letitia James filed a lawsuit against the KuCoin cryptocurrency exchange on Thursday, alleging the platform failed to register as a securities and commodities broker-dealer and is falsely representing itself as an exchange.
One interesting fact to note about the lawsuit is that it refers to Ether and several other tokens as unregistered securities the exchange has listed in the state. This declaration stands in direct opposition to recent statements by Commodity Futures Trading Commission Chair Ristin Behnam that Ether is a commodity.
These arguments could have broader implications for the crypto industry far beyond any punitive damages New York stands to collect from KuCoin. The suit is seeking to have KuCoin barred from doing business in the State of New York and pay back “all revenue obtained from their fraudulent and illegal sales and purchases of securities and commodities to and from New Yorkers.”
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