The revelation comes following the filing of an unredacted complaint against the agency by ethereum software company Consensys. If the Gensler SEC finds ethereum to be a security, it would contradict prior SEC guidance under Chairman Jay Clayton; in June of that year, then-Director of Corporation Finance Bill Hinman stated in a speech the SEC's position that ethereum, alongside bitcoin, was not a security. A source who received a subpoena compared the interaction with the SEC to signing a non-disclosure agreement. It also shows the SEC may believe that sales of ethereum pre-merger, as early as 2018, are securities. Consensys hopes the court will ultimately settle the dispute over ethereum’s regulatory status.

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