In a statement regarding a lawsuit against crypto exchange KuCoin, New York Attorney General Letitia James referred to Ethereum’s ETH token and other cryptocurrencies as “securities and commodities.” KuCoin was accused of facilitating trading in multiple cryptocurrencies for residents in New York without being registered as required by law. This statement from the Attorney General is significant as it is potentially the first time a regulatory official in the US has referred to ETH specifically as a security. The implications of such a classification would be far-reaching for the crypto industry. The Attorney General is seeking a court order to prevent KuCoin from operating in New York via geo-blocking based on users’ IP addresses and GPS location.
