SEC Launches Investigation into Ethereum Foundation, Unnerving Crypto Enthusiasts

The U.S. Securities and Exchange Commission (SEC) is reportedly investigating the Ethereum Foundation and associated companies, raising concerns among crypto enthusiasts. The investigation, aimed at classifying Ethereum as a security, comes amid hopes for the approval of spot Ether ETFs. This news follows the Ethereum Foundation's disclosure of an investigation by an unnamed 'state authority.' The potential reclassification of Ethereum could subject the cryptocurrency and its exchanges to tighter SEC enforcement. With Ethereum's price experiencing fluctuations and its creator, Vitalik Buterin, facing financial repercussions, the outcome of this investigation carries wide-reaching implications.