CMC News

Leaked Documents Show NY Officials Pushed SEC To Label $ETH a Security

Newly released FOIA documents reveal SEC officials internally discussed whether $XRP could be classified as a security, examining potential risks if Ripple "walked away" or "disappeared."

The over 10,000 documents, published by Coinbase Wednesday, also expose that New York's Attorney General's office directly asked the SEC to file an amicus brief "in support of the argument that Ether is a #security."

NY officials argued in a June 2023 email that "it would be beneficial to investor protection to get a court to hold that Ether is a security."

The request followed NY's March 2023 lawsuit against KuCoin that notably classified $ETH as an unregistered security.

Under new leadership, the #SEC has adopted a more crypto-friendly approach, including dropping previous charges against major firms like Coinbase.