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SEC and Gensler believed Ether was security for at least a year

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Consensys’ lawsuit against the U.S. SEC is shedding light on the SEC’s stance on Ether, with the firm claiming that the agency thought ETH was a security for at least a while.

Consensys’ lawsuit against the United States Securities and Exchange Commission has uncovered more information about the SEC’s stance on Ether (to a report by Fox Business producer Eleanor Terret.by the Ethereum software firm Consensys on April 29, Terret wrote that the SEC and Gensler “appear to have believed for at least a year” that Ether was an “unregistered security trading out of compliance with current federal regulations.

According to the new filing, on March 28, 2023, the head of the SEC's Division of Enforcement, Gurbir Grewal, approved a formal order of investigation into Ether’s status as a security. Citing anonymous sources with direct knowledge of the matter, Terret noted that subpoena recipients were instructed by the SEC to keep the investigation strictly under wraps if they wanted further details regarding the investigation.The “Ethereum 2.0” investigation was reportedly based on the SEC's belief that potential unregistered offerings and sales of Ether occurred since at least 2018.

 

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