TechFlow reported, citing Fox Business, that according to legal documents related to the SEC's lawsuit against Consensys, SEC Chair Gensler has consistently viewed ETH as an "unregistered security" over the past year, non-compliant with current federal regulations.
In addition, on March 28, 2023, Gurbir Grewal, Director of the SEC’s Division of Enforcement, approved a formal order authorizing an investigation into Ethereum’s status as a security, granting enforcement staff the authority to investigate and subpoena individuals and entities involved. Reportedly, recipients of these subpoenas are required by the U.S. Securities and Exchange Commission to strictly maintain confidentiality regarding the investigation if they wish to obtain further details about it.
