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.
Is Vitalik Buterin Supporting USDC Amid Heavy Depegging? Read Here
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.
Stablecoins In Trouble? USDC, DAI, USDD Depeg As SVB Crisis Deepens
- Will MakerDAO’s New Plan Save DAI From Becoming Another UST?
- Circle’s USDC Redemptions Reaches $2.5 Billion In 24Hrs, Exchange Inflow $7B
- Binance Switches To Multiple Stablecoins, Discontinues Auto-Conversion Policy
- Is Vitalik Buterin Supporting USDC Amid Heavy Depegging?
- Crypto Prices Today: XRP Drops; Cardano, Polygon, Solana Gains Over 4% As Market Recovers
- Stablecoins In Trouble? USDC, DAI, USDD Depeg As SVB Crisis Deepens
- Here’s Why Bitcoin, Ethereum Price Rising Amid Bank Woes, Stablecoins Depeg
- USDC’s Dollar Peg Fumbles, Coinbase Pauses USDC:USD Conversions
- Circle’s USDC Reserves In Hot Water As Records Show Exposure To Silicon Valley Bank
- Just In: US Regulators Seize Silicon Valley Bank, To Protect Insured Depositors
The presented content may include the personal opinion of the author and is subject to market condition. Do your market research before investing in cryptocurrencies. The author or the publication does not hold any responsibility for your personal financial loss.