The SEC Wants to Classify Ether as a Security

It has been reported that the United States Securities and Exchange Commission (SEC) has recently issued multiple subpoenas to various companies in relation to their efforts to classify Ether as a security.

As per a Fortune report on March 20, the SEC’s investigation into the Ethereum Foundation could potentially give the commission the authority to classify Ether as a security.

The foundation has indicated that it may be under investigation by a government agency, according to a statement on GitHub.

Numerous US-based companies have allegedly received subpoenas from the SEC, requesting documents and financial records related to their interactions with the Ethereum Foundation.

It is believed that the commission began its campaign to designate ETH as a security after the blockchain’s transition from proof-of-work to proof-of-stake in 2022.