The NYAG sued KuCoin final week underneath state regulation, alleging that ether, post-Merge, is a safety underneath the Ethereum blockchain’s proof-of-stake consensus mechanism. The NYAG additionally alleged that terraUSD (UST) and luna (LUNA) are securities, in addition to KuCoin’s Earn platform. I’m not going to get into the final two – regulators have alleged for some time now that “earn” merchandise are securities, and have settlements with numerous lenders to assist that rivalry, and there are different instances trying on the terraUSD/luna ecosystem.
