SEC Documents from Coinbase Unveil New York Attorney General's Push for Ether to be Classified as Security
Newly released documentation from Coinbase highlights internal SEC discussions about Ethereum's classification during a legal battle.
Summary of Key Points
- New York’s Attorney General pursued the classification of Ethereum’s ether (ETH) as a security during legal action against KuCoin.
- Coinbase made available a set of documents revealing some discussions within the SEC regarding crypto classifications.
In a significant revelation, the New York State Attorney General’s office asked the U.S. Securities and Exchange Commission (SEC) to confirm that Ethereum’s ether (ETH) should be considered a security rather than a commodity. This request came to light amid the state’s legal case against crypto exchange KuCoin.
Details
Coinbase Inc. released internal SEC communications that indicated the request was part of a broader legal strategy. Shamiso Maswoswe, leading the Investor Protection Bureau at the New York AG’s office, expressed a desire for the SEC to intervene in the case to support the classification of Ether as a security:
“We would like to request that the SEC file an amicus in support of the argument that Ether is a security.”
This classification holds significant importance in the context of market regulations and investor protections. Although New York’s regulatory framework allows its Department of Financial Services to oversee both securities and commodities, the SEC’s classification remains a contentious issue in the ongoing discussions regarding the crypto market.
Further Reading
Coinbase is actively providing public access to more documents through their website. The SEC’s perspectives on Ethereum and other digital assets continue to evolve, reflecting the complicated regulatory landscape facing the cryptocurrency industry.
