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The Securities and Exchange Commission is waging an energetic legal campaign to classify Ethereum, the second-most popular cryptocurrency, as a security, according to U.S. companies that have received subpoenas related to an investigation:

https://fortune.com/crypto/2024/03/20/sec-gary-gensler-ethereum-security-commodity-crypto-foundation/
Fortune SEC probing crypto companies in Ethereum investigation as hopes for ETF dim | Fortune The regulatory status of Ether has long been a point of contention for the Securities and Exchange Commission.
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