New York Attorney General (NYAG) Letitia James, claimed in court that ethereum (ETH) is security and exchanges should register it before offering it for trading.

The AG filed a lawsuit against the crypto exchange KuCoin for allowing investors to buy and sell ETH without registering with the state.

ETH is a security, just like TerraUSD and LUNA – NYAG

AG James stated that ETH is a security, just like TerraUSD (UST) and LUNA, since it is a, “speculative asset that relies on efforts of third-party developers to provide profit to ETH holders.”

According to a press release from March 9, the AG filed suit against KuCoin for its failure to register as a securities and commodities broker-dealer. It is also being charged with falsely representing itself as an exchange, and trading non-registered securities.

The AG seeks to stop KUCoin from operating in New York and shut down its website until it complies with the law, in what she termed as efforts to regulate the cryptocurrency industry.

“One by one my office is taking action agai

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Author: Julius Mutunkei

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