Article Reading Time:
The founder of the CryptoLaw project reported that thousands of like-minded people have joined a class action lawsuit against the New York State Attorney General demanding that ether be recognized as a security.
John Deaton wrote inTwitter that the first thousand members of the Ethereum community have already joined a class action lawsuit against the actions of the New York Attorney General. Four days ago, on March 10, in a lawsuit against the KuCoin crypto exchange, prosecutor Letitia James stated that ETH is a security.</p>
We have over 1K with approximately 57 NewYorkers. It would be great to get a couple hundred New Yorkers who want to speak up against the NYAG’s allegation that #ETH is a security, https://t.co/7OIOYjucfd
— John E Deaton (@JohnEDeaton1) March 14, 2023
John Deaton clarified that at the momentThere is no direct regulatory threat to Ethereum network assets. However constant accusations of cryptocurrency companies violating securities laws by regulators and officials could create problems for ETH in the future.
Deaton previously called
The Ethereum community will respond to the allegations in a timely manner and will join the petition.
#ETH is NOT a security.Had the SEC claimed #ETH was a security, I would’ve acted just as I did over #XRP. These regulators are out of control. Retail holders need to speak for themselves. If you are an #ETH holder and want to fight back sign up below.
— John E Deaton (@JohnEDeaton1) March 10, 2023
Recently, the founder of the law firm GradyLaw, Tom Grady, said that amid investigations related to possible violations of federal
securities laws from Coinbase and Robinhood, the crypto industry could be hit by a wave of class action lawsuits.