Recent court filings and lawsuit documents have revealed that the U.S. Securities and Exchange Commission (SEC), under the chairmanship of Gary Gensler, has been investigating whether Ethereum should be classified as a security. The investigation, which has been known to insiders for over a year, was formally approved by the SEC's Enforcement Director, Gurbir Grewal, on April 13, 2023. The focus of the investigation includes Ethereum 2.0 and the implications of its proof-of-stake tokens possibly meeting the criteria of the Howey test. This inquiry aligns with previous actions by the SEC, such as the issuance of a Wells notice to Coinbase shortly before filing a lawsuit against them. The Consensys lawsuit documents further emphasize the SEC's scrutiny.