ETHEREUM’S EVOLUTION AND REGULATORY CROSSROADS
At the heart of the SEC’s probe lies Ethereum’s pivotal transition to a proof-of-stake consensus mechanism in 2022. This watershed moment, intended to enhance scalability and sustainability, inadvertently thrust Ethereum into the regulatory crosshairs. Despite historical assertions of Ethereum’s commodity-like status, the SEC’s subpoenas to entities affiliated with the Ethereum Foundation signify a reevaluation. This reevaluation pertains to its regulatory classification.