KuCoin

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Circle’s investment arm has joined a funding round for CNHC, the issuer of the eponymous stablecoin pegged to the offshore yuan. 

cointelegraph.com

KuCoin leads $10M funding for Chinese yuan stablecoin issuer

Crypto advocacy group Coin Center spelling out why it believes Ethereum (ETH) is not a security, despite claims to the contrary coming from New York Attorney General (NYAG) Letitia James.
In a new lawsuit against the crypto exchange Kucoin, Attorney General James argues Ethereum is a security that relies on the efforts of third-party developers to generate profits for its holders.

The Attorney General calls ETH “a speculative asset” and placed the leading smart contract platform in a group with the collapsed crypto project Terra (LUNA) and its algorithmic stablecoin TerraUSD (UST).
Coin Center’s director of communications Neeraj Agrawal refutes the NYAG’s assertions and says the think tank’s view on Ethereum remains unchanged.
“Obviously, we disagree with the NYAG’s argument that ETH is a security. Coin Center will be monitoring the case and if there’s an opportunity to weigh in, we will.” 
In 2018, Coin Center published a blog post explaining why it believes Ethereum is not a security. The group argued that while Ethereum may have met one of the prongs of the Howey test when it was issued in 2014, ETH in its current form today is not a security.
Under the Howey framework, a transaction represents an “investment contract” if a person “invests his money in a common enterprise and is led to expect profits solely from the efforts of the promoter, sponsor or other third party.”
According to Coin Center, Ethereum in its current iteration is “too useful and too decentralized” and that ETH’s value does not rely on the efforts of a discernible third party to generate profits.
“The value of Ether and the functionality of the Ethereum network is not reliant on the [Ethereum] Foundation, rather it flows from the efforts of thousands of unaffiliated developers, miners, and users…  
Conflating the pre-sale and the running network is confused analysis that could be misunderstanding the tech or the law or both.” 
At time of writing, Ethereum is trading for $1,466.
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Featured Image: Shutterstock/Katynn/monkographic
The post Here’s Why Ethereum Is Not a Security, According to Crypto Think Tank Coin Center appeared first on The Daily Hodl.


Crypto advocacy group Coin Center spelling out why it believes Ethereum (ETH) is not a security, despite claims to the contrary coming from New York Attorney General (NYAG) Letitia James. In a new lawsuit against the crypto exchange Kucoin, Attorney General James argues Ethereum is a security tha...

dailyhodl.com

Here’s Why Ethereum Is Not a Security, According to Crypto Think Tank Coin Center

Ethereum price is down today as fallout from the closing of Silicon Valley Bank and a U.S. regulator-led lawsuit against KuCoin negatively impact the crypto market.  

Why is Ethereum (ETH) price down today? 

New York Attorney General Letitia James has sued cryptocurrency exchange KuCoin for selling both commodities and securities on its platform without necessary registration.
One of the “securities” it alleges KuCoin to have illegally sold is Ether – the second largest cryptocurrency next to Bitcoin. 
Ethereum is a Security, Says NYAG
Per the lawsuit filed with the Supreme Court of the State of New York, KuCoin illegally sold Ether (ETH), Terra (LUNA), and TerraUSD (UST) on its platform. “The Tokens are commodities and securities under the Martin Act.”
Specifically, the filing claims that the three cryptos “represent investments of money in common enterprises with profits to be derived primarily from the efforts of others” – the same criteria for classifying a security under the Howey Test.

James argued that Ether’s security status is largely related to its relationship to Ethereum creator Vitalik Buterin and the Ethereum Foundation, a non-profit dedicated to developing the Ethereum ecosystem. The foundation launched an Initial Coin Offering (ICO) in 2014 to fund its operations, whereby participants sold their Bitcoin in return for promises of future Ether when the network launched in 2015. 
It also alleges that Ether was promoted as an investment directly on the Ethereum Foundation’s website, through claims that many users “see it as a digital store of value because the creation of new ETH slows down over time.” Since the Merge in September, new Ether creation has slowed down dramatically, inspiring many to refer to it as “ultrasound money.”
The Merge Backfires
Yet according to the NYAG, that very upgrade further established Ether’s security status. As she explained, Buterin and the Ethereum Foundation were largely responsible for facilitating Ethereum’s move to a proof of stake consensus mechanism, from which they greatly benefitted as early and large Ether holders. 
“The shift to proof-of-stake significantly impacted the core functionality and incentives for owning ETH, because ETH holders now can profit merely by participating in staking,” read the filing.
The Securities and Exchange Commission (SEC) has made various broad statements and insinuations in the past to suggest that Ether is a security, but Thursday’s lawsuit marks the first major set of charges to formally make the case. 
SEC chairman Gary Gensler argued last month that “everything other than Bitcoin,” likely falls under his agency’s jurisdiction. In September, he claimed that Ethereum’s Merge may have made its native cryptocurrency more security-like. 
Many in the crypto community aren’t on board with the NYAG’s allegations. Neeraj K. Agrawal from crypto policy think tank CoinCentre responded to the news with a priorly published set of arguments on the matter – claiming that “the value of ether and the functionality of the Ethereum network is not reliant on the [Ethereum] Foundation.”
Last month, Coinbase CEO Brian Armstrong shared arguments claiming that staking does not involve securities transactions.
The SEC filed a Wells notice against Paxos in February for issuing its BUSD stablecoin, which it alleges may also be an unregistered security.
Featured Image Courtesy of NBC News.
The post NYAG Alleges Ethereum is a Security in Lawsuit Against KuCoin appeared first on CryptoPotato.

The first major lawsuit calling out Ether as a security has been filed with New York’s Supreme Court.

cryptopotato.com

NYAG Alleges Ethereum is a Security in Lawsuit Against KuCoin

New York Attorney General Letitia James said the suit is the first time a regulator has claimed Ether is a security in court. 

KuCoin price	$8.26
Low - High 24H	$8.21 - $8.73
Market cap	$802.46M
Volume 24H	$2.40M
All time high	$28.83 -71.35% December 1st 2021
All time low	$0.342863 2308.90% February 7th 2019
Genesis date	N/A

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