Ethereum Is Not a Security, Says Crypto Think Tank Coin Center

Accoridng to the latest reports, Ethereum is not a security, as said by the crypto think tank Coin Center. Check out the latest reports about all this below.

Is Ethereum a security?

Crypto advocacy group Coin Center spelled out why it believes Ethereum (ETH) is not a security, despite claims to the contrary coming from New York Attorney General (NYAG) Letitia James.

In a new lawsuit against the crypto exchange Kucoin, Attorney General James argues Ethereum is a security that relies on the efforts of third-party devs to generate profits for its holders.

The Attorney General calls ETH “a speculative asset”. He also places the coin in a group with the collapsed crypto project Terra (LUNA) and its algorithmic stablecoin TerraUSD (UST).

Coin Center’s director of communications Neeraj Agrawal refutes the NYAG’s assertions and says the think tank’s view on Ethereum remains unchanged.

“Obviously, we disagree with the NYAG’s argument that ETH is a security. Coin Center will be monitoring the case and if there’s an opportunity to weigh in, we will.”

According to data from Lookonchain, Buterin recently sold $693,000 worth of meme tokens Mops (MOPS), Cult DAO (CULT), and Shikoku (SHIK).

“vitalik.eth (@VitalikButerin) is selling his free sh**coins.

Currently sold 50billion MOPS for 1.25 $ETH($2K), sold 10bill CULT for 58 $ETH($91K), sold 500 trillion SHIK for 380 ETH($600K).”

As the online publication the Daily Hodl says, with all of the moves occurring in the last few days, the meme token prices have reacted wildly differently to the large transaction.

“MOPS is trading for $0.000001 at the time of writing, up 2,493% in the last 24 hours. CULT is worth $0.00004 at time up writing, down 6.9% on the day. SHIK is trading for $0.0000000043 at time of writing, down 73% on the day,” according to the same reports.

Stay tuned for more news.