XRP Advocate Supports Ethereum Over Security Claims

XRP News: The recent lawsuit against crypto exchange KuCoin has increased uncertainty surrounding Ethereum (ETH), the world’s second-largest crypto-nature. However, the attorney who fought Ripple for XRP holders in the US SEC lawsuit came forward to support ETH over the emerging security claims.

Consider Ethereum a “Security”?

New York Attorney General Letitia James has reportedly filed a lawsuit against KuCoin alleging that the exchange trades unregistered securities and commodities. However, this claim has brought Ethereum under the radar of US financial regulators.

Attorney John Deaton, amicus curiae in the XRP lawsuit appears to be supporting Ethereum here. He explained that ETH is not a security and if the US Securities and Exchange Commission (SEC) had said so, he would have traded very early. Read more XRP news here…

He explained that regulators are out of control and retailers now need to speak for themselves. John Deaton added that any Ethereum holder can register with him to take this matter to court.

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ETH price on a decline

However, the price of Ethereum has fallen to its lowest level in the last two months. This comes after the Attorney General claimed that ETH is a security. ETH price is down 13% in the last 60 days. At press time, it is trading at an average price of $1,438.

ETH 24-hour trading volume is up 15% to $15.15 billion. It will be a bad situation for the crypto industry if the authorities decide to go after Ethereum as it has a market cap of around $176 billion.

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Ashish believes in decentralization and has a keen interest in advancing blockchain technology, the cryptocurrency ecosystem, and NFTs. He aims to create awareness of the growing crypto industry through his writings and analysis. When he’s not writing, he’s playing video games, watching a thriller, or exercising outside. Reach me at [email protected]

The content presented may contain the personal opinion of the author and is subject to market conditions. Do your market research before investing in cryptocurrencies. The author or the publication assumes no responsibility for your personal financial loss.