Ethereum Now Targeted by US Regulators Instead of XRP

Cryptocurrency attorney and legal expert John Deaton pointed out that while XRP is traded on KuCoin, the Attorney General chose Ethereum as an unregistered security for a number of reasons.

According to Deaton, the move is not random, with regulators (in this case the NYAG) taking aim at Ethereum and betting that all such projects will eventually be shut down.

Additionally, he cited an excerpt from a case where ETH holders profited simply by participating in staking tokens.

Lawyers say it has been a protracted, concerted fight to obtain a default judgment and ruling that ethereum was sold by exchanges as an unregistered security.

Prior to this, John Deaton initiated a rally of Ethereum holders to file a class action lawsuit against the New York State Attorney General.

More than 1,000 claimants have participated, but there are currently not enough participants directly from the state. In addition to ETH holders, the KuCoin exchange itself filed a lawsuit against the NYAG.

An earlier class-action lawsuit was filed by an attorney representing XRP holders in the SEC case against Ripple. As a result, more than 75,000 complainants were assembled, some of whose testimony is included in the lawsuit.

  • Gary Gensler Emphasizes Security of PoS Tokens
  • What if ether was a security?


According to USA Today

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