A lawsuit against a cryptocurrency exchange by New York State looks a lot more like a referendum on the world's second biggest blockchain, Ethereum.
The complaint takes pains to argue that ether is a security under existing law.
It describes the initial coin offering that funded the development of Ethereum. Then it draws attention to theto a new consensus mechanism as evidence that a small group retains control over it. "The developers of ETH promoted it as an investment that was contingent on the growth of the Ethereum network," the complaint notes.
Independent operators that verify the validity of transactions on the blockchain are paid automatically in new ethers issued by the network, securing its ledger against manipulation.In order to verify that various cryptocurrencies were available in the state on KuCoin, a detective bought and sold digital assets on the platform from within its boundaries.The AG is seeking disgorgement of ill-gotten gains from New Yorkers, injunctive relief and other remedies.
United States Latest News, United States Headlines
Similar News:You can also read news stories similar to this one that we have collected from other news sources.
New York Attorney General Files Lawsuit Against Kucoin and Declares Ethereum a Security – Bitcoin NewsLetitia James and the OAG insist that the second-largest crypto asset by market capitalization, ethereum, is a security. ETH
Read more »
Donald Trump releasing new book with private letters from Oprah, other celebs | New York PostIt’s no secret that former US President Donald Trump thrives on attention from fellow famous peeps. Now, Trump is printing his celebrity Rolodex in a new boo...
Read more »
New Escape From New York Movie Will Be a 'Requel'The filmmaking collective Radio Silence has confirmed that the film is a 'requel,' at least in its early stages.
Read more »
Nikki Maloof Looks Outside for Her Perrotin Debut“This show has a lot of ideas about mortality, and the way that we live with that,” says artist Nikki Maloof, several hours before the public opening of “Skunk Hour,” her debut exhibition with Perrotin. “
Read more »
Economic abuse is domestic abuse, New York City law expandedThe law expands the definition of a victim of domestic violence to include economic abuse, so survivors are further protected and not unfairly victimized again based on their economic standing.
Read more »
Republican Assemblymembers call on New York City to address staffing, safety crisis at Rikers IslandA group of Republican Assemblymembers is calling on New York City to address the staffing and safety crisis at Rikers Island.
Read more »