U.S. Representative William Timmons (R-SC) has formally requested the Securities and Exchange Commission (SEC) to release documents pertaining to the agency's historical perspective on Ethereum (ETH), the second-most prominent cryptocurrency. In a letter addressed to SEC Chair Paul Atkins on June 10, 2025, Timmons highlighted the need for clarity and consistency in the regulatory treatment of digital assets, pointing out what he describes as the SEC's inconsistent approach to Ethereum's classification as a security.
Timmons' request is rooted in concerns about the SEC's fluctuating stance on Ethereum over the years. He noted that in 2018, a high-ranking SEC official publicly stated that ETH was not a security. However, during a congressional testimony in April 2023, former SEC Chair Gary Gensler declined to provide clarity on the SEC's view of ETH's security status, creating uncertainty. Days before that testimony, the SEC had reportedly approved a formal investigation into whether ETH is a security, titled "In the Matter of ETH 2.0."
Adding to the confusion, in May 2024, the SEC approved spot ETH exchange-traded funds (ETFs), an action that would typically be appropriate only if ETH is not considered a security, given that ETH has not been registered with the SEC. Shortly after, in June 2024, the SEC concluded its ETH 2.0 investigation. These seemingly contradictory actions have led to significant confusion among crypto-market participants, according to Timmons.
To address these concerns and promote transparency, Timmons is requesting specific documents from the SEC, including emails and attachments related to the "Analysis of Ethereum 2.0 under Howey," emails sent to former Chair Gensler concerning the ETH 2.0 investigation approval, the case closing narrative for the ETH 2.0 investigation, and emails with subject lines such as "ETH-Security or Not" and "RE Is Ethereum a security." These documents were previously identified but withheld by the SEC in response to a Freedom of Information Act (FOIA) request and lawsuit filed by History Associates on behalf of Coinbase.
Timmons argues that disclosing these documents is essential to ensuring that the digital-asset industry and the American public understand the SEC's historical approach to interpreting and enforcing securities laws. He believes that transparency is crucial, especially as Congress continues to work on market structure legislation related to digital assets, such as the CLARITY Act. Timmons also criticizes the SEC's past "regulation by enforcement" approach, which he argues hindered innovation and growth in the crypto industry.
The request for documents comes amid ongoing debate and uncertainty surrounding the regulatory status of various cryptocurrencies, particularly Ethereum. The SEC's stance on whether ETH should be classified as a security has significant implications for how the cryptocurrency is treated under U.S. law, affecting exchanges, investors, and developers. The approval of ETH ETFs in May 2024 suggested a potential shift in the SEC's view, but the agency has not provided explicit confirmation, leaving many questions unanswered.
Consensys, a leading Ethereum development studio, also sued the SEC in April 2024, seeking a court order to halt the SEC's investigation into Ethereum, arguing that ETH is a commodity and therefore not subject to SEC jurisdiction. Following the lawsuit, several policymakers and members of Congress voiced concerns over the SEC's Ethereum 2.0 investigation.
