New York Attorney General Alleges Ether Is a Security in KuCoin Lawsuit

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CoinDesk published this video item, entitled “New York Attorney General Alleges Ether Is a Security in KuCoin Lawsuit” – below is their description.

New York State Attorney General Letitia James filed suit against KuCoin on Thursday, alleging the Seychelles-based crypto exchange is violating securities laws by offering tokens, including ether (ETH), that meet the definition of a security without proper registration. Penn State Dickinson Law Professor Tonya Evans discusses the action and the outlook for U.S. crypto regulation. Plus, key takeaways from yesterday’s House hearing on the digital asset ecosystem.

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KCS is the native token of KuCoin, which was launched back in 2017 as a profit-sharing token that allows traders to draw value from the exchange. It was issued as an ERC-20 token running on the Ethereum network and was supported by most Ethereum wallets. The total supply of KCS was set at 200 million, and there is a planned buyback and burn until just 100 million KCS remain.

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The Seychelles is an archipelago of 115 islands in the Indian Ocean, off East Africa. It’s home to numerous beaches, coral reefs and nature reserves, as well as rare animals such as giant Aldabra tortoises. Mahé, a hub for visiting the other islands, is home to capital Victoria. It also has the mountain rainforests of Morne Seychellois National Park and beaches, including Beau Vallon and Anse Takamaka. 

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