Coinbase Disclosure Documents Show New York Attorney General Asked the US SEC to Classify ETH as a Security

CoinRank News: Coinbase recently obtained and disclosed a batch of internal communication documents of the U.S. Securities and Exchange Commission (SEC) through the Freedom of Information Act (FOIA), which showed that the New York Attorney Generals Office had asked the U.S. SEC to clearly identify Ethereum (ETH) as a security during the lawsuit against KuCoin in 2023. Shamiso Maswoswe, director of the New York Investor Protection Bureau, expressed in a letter that he hoped the U.S. SEC would submit a friend of the court opinion to support the view that ETH is a security in order to strengthen investor protection. However, the U.S. SEC ultimately did not adopt the request, but the documents revealed the regulators internal discussions on the characterization of ETH, especially after Ethereum switched to the PoS consensus mechanism. Coinbase said the disclosure is intended to increase regulatory transparency and promote public understanding of crypto asset regulatory policies. (CoinDesk)