The SEC has long wanted to establish all cryptocurrencies as securities. Gary Gensler also made the remark that all cryptocurrencies except Bitcoin are securities. This is evident from the prolonged Ripple vs. SEC lawsuit that has been dragging on since 2020.
In a recent lawsuit against KuCoin, New York State Attorney General Letitia James alleged that the cryptocurrency exchange was offering tokens that met the definition of security and were violating securities laws.
Also read: Bitcoin (BTC) Surpasses $26,000: Is $30,000 in the Cards?
This incident is the first time that a regulator has claimed that Ethereum is security in the court. CryptoLaw founder John Deaton recently tweeted out that thousands of Ethereum holders have joined hands to file a class action lawsuit against the New York State Attorney General.
Ethereum holders show unity
According to Deation’s tweet, of the 1,000 participants, 57 of them are New Yorkers. He also stated that it would be great if the lawsuit could get a couple of hundred more New Yorkers to speak out against the allegations against Ethereum.
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The gathering of participants sprouted when the lawsuit against KuCoin emerged in the first place. Despite the lawsuit and other trouble in the market, Ethereum is trading at
$1,776 with a 6.22% hike in value over the last 24 hours. The second-largest cryptocurrency is also up 13% in the last seven days.
