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The US Securities and Exchange Commission (SEC) has reportedly issued subpoenas to companies amidst discussions over categorizing Ether as a security, sparking regulatory uncertainty.
SEC Issues Subpoenas Amid Debate Over Ether's Classification as Security
The United States Securities and Exchange Commission has issued several subpoenas to companies in connection with attempts to label Ether as a security, Cointelegraph reported.
According to a Fortune report dated March 20, the SEC's investigation into the Ethereum Foundation could provide the commission with regulatory authority to define Ether as a security. The foundation indicated on GitHub that it may be under investigation "from a state authority."
Several US-based companies reportedly received SEC subpoenas requesting documents and financial records related to their dealings with the Ethereum Foundation. According to people familiar with the situation, the commission launched a campaign to classify ETH as a security after the blockchain transitioned from proof-of-work to proof-of-stake in 2022.
While in office, SEC Chair Gary Gensler refused to answer direct questions about whether ETH is a security under the commission's jurisdiction, despite claiming Bitcoin, Ether, and other cryptocurrencies were "not securities" in 2018.
The commission has approved exchange-traded funds (ETFs) linked to Ether futures but has yet to decide whether to approve or deny spot ETH ETFs; many experts anticipate a decision in May.
Prometheum's Ethereum Custody Move Spurs SEC Clarification Amid Regulatory Uncertainty
Prometheum, a cryptocurrency firm and one of the few companies approved by US financial regulators as a special purpose broker-dealer for digital asset securities, announced in February that it would provide institutional custody services for Ethereum.
The decision pressured the SEC to provide clarification for companies seeking to avoid potential liabilities associated with certain cryptocurrency assets.
If the SEC decides to regulate Ether, it may conflict with the United States Commodity Futures Trading Commission. Lawmakers have been attempting to enact legislation to clarify the roles of each regulator in relation to digital assets, but as of publication, no bill has been passed.
