Ether was actually ruled a security? Like, the legal precedent was set or established?
Discussion
NYAG filed a lawsuit against KuCoin and cited Ether one of the unregistered securities they participated in trading.
Hmm. Interesting. I will say that, IMO, that means less than nothing... but thank you for taking the time to answer.
KuCoin will likely ignore it, but who even knows anymore.
It is in the legal record now as being considered a security. It may not be the nail in the coffin, but it is something that can be cited, and the first time any enforcement action has been introduced.
That being said, I have little expertise in the matter. Interesting, as you say.
One thing to note: the AG specifically states Ether "just like LUNA and [Terra], is a speculative asset that relies on the efforts of third-party developers in order to provide profit to the holders of ETH" in a press conference, and that under the Martin Act, it is within their domain to file criminal or civil suits.
That's not company you want to be associated with (as we know, Bitcoin, not Crypto).