SEC Investigates Ethereum's Security Status, Dimming Hopes for Spot ETF Approval

• SEC is investigating Ethereum Foundation and issuing subpoenas to crypto companies regarding Ethereum's status as a security • Investigation began after Ethereum's switch to proof-of-stake model in September 2022 • SEC Chair Gensler has suggested proof-of-stake tokens could be securities, looking to assert authority over crypto • This dims hopes for approval of spot Ethereum ETFs, after Bitcoin ETFs were approved in January • Ethereum's status as security or commodity is unclear - CFTC views it as commodity but SEC subpoenas suggest agency thinks it is a security