Internal SEC documents, obtained by Coinbase and shared with the New York Attorney General’s Office, reveal a potential intervention that could have protected Ethereum (ETH) from legal repercussions. The documents show that the SEC had initially categorized Ethereum as a commodity, but later shifted its stance after the network transitioned to Proof-of-Stake (PoS). This shift likely influenced Shamiso Maswoswe, Director of the New York State Bureau of Investor Protection, who requested an amicus brief in support of classifying ETH as a security. The documents reveal that the SEC’s response to this request remains unclear. The potential legal distinction between a security and a commodity could have significant implications for Ethereum’s future.