The New York Attorney General’s decision to refer to ether as security in its lawsuit against the cryptocurrency exchange KuCoin likely catalyzed the selling. If ether is deemed as a security and not a commodity, then the Securities and Exchange Commission may subject ether investors to stringent requirements regarding registration, disclosure and accreditation.
Source: https://www.coindesk.com/markets/2023/03/10/ether-hits-two-month-low-under-14k-as-coinbase-premium-index-dwindles/?utm_medium=referral&utm_source=rss&utm_campaign=headlines