By: Scott R. Wilson | Jeff Tsai | Noah Schottenstein | Vanessa Offutt
New York Attorney General Letitia James filed a lawsuit against cryptocurrency platform KuCoin for offering exchange services in New York without registering under New York or federal law. The Attorney General alleges that many popular cryptocurrencies, including ETH, LUNA, and TerraUSD (UST) are both securities and commodities, and these cryptocurrencies are speculative assets because they rely on the efforts of third-party developers to provide profit to the holders. Through the lawsuit, the Attorney General is seeking a court order to stop KuCoin from operating in New York, to require the implementation of geo-fencing technology to prevent access to KuCoin services from within New York, and to bar KuCoin from representing that it is an exchange.
Learn more here: Attorney General James Continues Crackdown on Unregistered Cryptocurrency Platforms