Why might the SEC investigate the Ethereum Foundation, even though the agency has previously affirmed that ETH is a commodity? Listen to the episode on Apple Podcasts, Spotify, Fountain, Overcast, Podcast Addict, Pocket Casts, Castbox, Google Podcasts, Amazon Music, or on your favorite podcast platform.On March 20, Fortune reported that the SEC was investigating the Ethereum Foundation and was looking for legal ways to label ETH as a security.Sam Enzer, partner at Cahill Gordon & Reindel, and Greg Strong, partner at DLx Law joined Laura to discuss everything about the investigation and its implications.  The guests speculate about the hidden motivations behind the SEC's investigation and discuss the likelihood of the approval of spot Ether ETFs. They also discuss the recent ruling in the SEC vs Coinbase case, where the judge dismissed claims that Coinbase's wallet was acting as an unregistered brokerage, but allowed the rest of the suit to proceed. Lastly, they touch on the devastating impact on the crypto industry if the SEC were to win a case alleging ETHer is a security and what they are looking out for in the next couple of weeks and months.Show highlights:Whether the investigation into the Ethereum Foundation is confirmed and why the SEC would do thisWhy Sam Enzer believes that the SEC would be "utterly wrong and ridiculous" in alleging ETH is a securityWhether the number of people working on Ethereum could make the argument that it is decentralizedHow would the SEC justify that ETH is a security and whether the Foundation is running Ethereum’s managerial effortsWhether the SEC is looking for evidence to deny spot ether ETFsWhy SEC chair Gary Gensler has changed his mind on many of his previous stances regarding crypto assets and whether he's acting in good faithThe ongoing battle between the SEC and the CFTC and the need for Congress to regulate the industryWhat the possible outcome of this investigation could be, and whether we'll have a court case soonWhat the impact would be if ETH were classified a securityWhether Prometheum could launch its platform offering custody of ETH as a security before an SEC designationWhy Sam believes that the spot ETH ETFs will be denied on May 23rdHow the SEC has already made up its mind even before gathering the facts, according to SamWhether the recent judgment on Coinbase's case affects the potential case against the EFWhether Ethereum transactions are security transactions, and the difference between primary and secondary salesWhat to expect in terms of regulation and enforcement actions in the short term, given the number of cases at the momentThank you to our sponsors! PolkadotGuests:Sam Enzer, Partner at Cahill Gordon & ReindelPrevious appearances on Unchained:How 'a Criminal Choice' Got Sam Bankman-Fried a 25-Year Prison SentenceWhy the SEC’s Case Against Coinbase Is So Significant for CryptoWhy SBF’s Testimony So Far Has Likely Already Doomed HimAnother Bad Week for Sam Bankman-Fried in His Criminal TrialWhy These Lawyers Say It’s Over for SBF-But His Only Hail Mary Is to TestifySBF Trial: How Sam Bankman-Fried’s Lawyers Might Try and Win His CaseSBF’s Lawyers Could Be Annoying the Judge How Might That Impact the Trial?Greg Strong, partner at DLx LawPrevious appearance on Unchained: Why These Lawyers Say It's Over for SBF-But His Only Hail Mary Is to TestifyLinksEthereum Foundation investigation:Fortune: SEC probing crypto companies in ETHereum investigation as hopes for ETF dimCoinDesk: Ethereum Foundation Faces Inquiry From a Government; Fortune Says SEC Investigating ETHUnchained: Ex-CFTC Commissioner Says ETH Can Be Both a Commodity and a SecurityUnchained: SEC Investigating Ethereum Foundation Regarding Proof-of-Stake Transition: Report Ethereum’s security statusUnchained: Ex-CFTC Commissioner Says ETH Can Be Both a Commodity and a SecurityFortune: SEC’s Gensler seen telling hedge funds that Ethereum and Litecoin are ‘not securities’ in 2018 videoCNBC: SEC Chair Gary Gensle