Coinbase CLO Paul Grewal revealed insights from SEC documents regarding the agency’s review of Ethereum 2.0, specifically shedding light on discussions surrounding its regulatory classification. These internal documents, released as part of a Freedom of Information Act lawsuit by Coinbase, offer a glimpse into the SEC’s assessments and deliberations related to Ethereum 2.0’s legal standing. The documents reveal ongoing discussions about classifying Ethereum 2.0 under existing regulations. An April 2023 memo explored how the SEC might approach the regulation of proof-of-stake protocols, while a February 2023 email inquired directly: ‘Is Ethereum a security?’ These insights suggest that the SEC remains uncertain about Ethereum 2.0’s regulatory status.