On March 28, 2023, the US Securities and Exchange Commission (SEC) began an investigation into the status of Ethereum (ETH) as a security. This follows from new documents filed as part of Consensys' lawsuit against the regulator.
According to the papers, on March 28, 2023, SEC Enforcement Director Gurbir Grewal signed a formal order to begin an investigation into Ethereum 2.0. At the same time, several large companies, including Consensys, received subpoenas.
“The Order granted SEC staff the authority to investigate and subpoena individuals and entities involved in the purchase and sale of Ethereum (ETH),” the papers said.
Recall that in March 2023, during an interview with the media, SEC Chairman Gary Gensler was unable to give a clear definition of Ethereum (ETH). Later he clearly stated that the asset was a security.
Consensys filed a lawsuit against the regulator after receiving the Wells Notice. It stated that the company's crypto wallet, MetaMask, was acting as an unregistered broker.
In May 2024, the SEC is expected to make a decision on applications for spot Ethereum ETFs. Experts believe that the regulator will reject them, primarily due to the uncertain status of the underlying asset.
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