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>>Coinbase’s Chief Legal Officer is urging the SEC to release documents related to Ethereum 2.0 and to clarify how the agency evaluates cryptocurrency ecosystems.

Coinbase’s Chief Legal Officer is urging the SEC to release documents related to Ethereum 2.0 and to clarify how the agency evaluates cryptocurrency ecosystems.

crypthub

4/21/2025, 5:26:14 PM

SEC Investigation of Ethereum

Coinbase is pursuing a Freedom of Information Act (FOIA) lawsuit against the SEC, aiming to obtain internal documents related to the agency's closed investigation into Ethereum (ETH) 2.0. The exchange seeks clarification on the SEC's shifting stance regarding ETH's classification as a security, highlighting inconsistencies in the agency's reasoning. Documents requested include staff analyses, emails, and memos detailing internal deliberations about ETH’s legal status, specifically referencing an "ecosystem" test. Coinbase contends transparency is vital to prevent repeating past regulatory errors.

Ethereum Investigation Concluded

Following scrutiny and a lawsuit from Ethereum developer Consensys, the SEC notified the firm it is closing its investigation into Ethereum 2.0. This decision confirms the SEC will not pursue charges related to ETH sales, considered a significant victory for Ethereum developers and industry participants. Consensys’s urging of the SEC to confirm ETH’s commodity status following spot ETH ETF approvals likely influenced the closure.

State-Level Regulatory Actions

While the federal regulatory landscape appears to be shifting, state authorities continue to pursue legal action against Coinbase. Oregon Attorney General is preparing a lawsuit accusing Coinbase of selling unregistered securities, mirroring a previous complaint dropped by the SEC. Coinbase’s legal officer describes the move as a "copycat case" highlighting concerns over a fragmented regulatory environment in the U.S.