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XRP News: The latest lawsuit against the KuCoin crypto exchange has spiked the uncertainty around Ethereum (ETH), world’s second largest crypto, nature. However, Attorney fighting for XRP holders in the US SEC Vs Ripple lawsuit came forward to back ETH over the emerging Security claims.
Ethereum To Be Considered As A “Security”?
As per reports, New York Attorney General Letitia James launched a lawsuit against KuCoin alleging that the exchange was dealing in unregistered securities and commodities. However, this claim has landed Ethereum under the radar of the US Financial watchdogs.
Attorney John Deaton, Amicus Curiae in the XRP lawsuit seems to be backing Ethereum here. He stated that ETH is not a security and if U.S. Securities and Exchange Commission (SEC) would have claimed this then he would have acted very early. Read More XRP News Here…
He stated that the regulators have gone out of control and retail holders need to speak for themselves now. John Deaton added that any Ethereum holder can sign up with him in order to take this matter to the court.
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ETH Price On A Decline
However, Ethereum price have declined to its lowest levels in the last two months. This happened after the attorney general alleged that ETH is a security. ETH price is down by 13% over the last 60 days. It is trading at an average price of $1,438, at the press time.
ETH’s 24 hour trading volume is up by 15% to stand at $15.15 billion. It will be a bad situation for the crypto industry if agencies decided to go after Ethereum as it holds a market capitalization of around $176 billion.
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