Coinbase has obtained internal SEC documents revealing the agency’s ongoing uncertainties regarding Ethereum 2.0’s regulatory status following its shift to proof-of-stake. Through a Freedom of Information Act (FOIA) lawsuit, Coinbase uncovered emails and memos detailing internal debates about ETH’s classification even after the conclusion of the investigation without charges. The documents show SEC officials grappled with whether Ethereum 2.0 qualifies as a security. They examined ETH’s legal status following its transition to proof-of-stake, revealing that the agency remained unsettled on the subject even after the network switch. Coinbase highlights these internal disagreements as evidence of inconsistent regulatory policy. The lawsuit also reveals the SEC’s