Ether hits 2-month low as New York AG labels crypto token as security

Cryptocurrency token Ether fell to its lowest in two months on Friday after the New York attorney general labeled it a security, bracketing it with assets such as stocks and bonds and fueling fears of a wider regulatory crackdown.

Highlights

• Ether fell to its lowest in two months on Friday after the New York attorney general labeled it a security.
• The world’s second-biggest cryptocurrency token was trading around $1,390, its lowest since January 10.
• New York Attorney General Letitia James referred to Ether as a security in her lawsuit against KuCoin for failing to register with the state before facilitating cryptocurrency transactions on its platform.
• The crypto industry and regulators have been in a tussle over the categorization of crypto assets as securities, which would subject digital asset firms to stricter oversight.
• The “secrets” of the Ethereum network will be unveiled as James builds out her case, Citron Research said.

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