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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.\nSam Enzer, partner at Cahill Gordon & Reindel, and Greg Strong, partner at DLx Law joined Laura to discuss everything about the investigation and its implications.\xa0\xa0\nThe 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.\xa0\nLastly, they touch on the devastating impact on the crypto industry if the SEC were to win a case alleging ETH is a security and what they are looking out for in the next couple of weeks and months.\nShow highlights:\n\nWhether the investigation into the Ethereum Foundation is confirmed and why the SEC would do this\n\nWhy Sam Enzer believes that the SEC would be "utterly wrong and ridiculous" in alleging ETH is a security\n\nWhether the number of people working on Ethereum could make the argument that it is decentralized\n\nHow would the SEC justify that ETH is a security and whether the Foundation is running Ethereum\u2019s managerial efforts\n\nWhether the SEC is looking for evidence to deny spot ether ETFs\n\nWhy SEC chair Gary Gensler has changed his mind on many of his previous stances regarding crypto assets and whether he's acting in good faith\n\nThe ongoing battle between the SEC and the CFTC and the need for Congress to regulate the industry\n\nWhat the possible outcome of this investigation could be, and whether we'll have a court case soon\n\nWhat the impact would be if ETH were classified a security\n\nWhether Prometheum could launch its platform offering custody of ETH as a security before an SEC designation\n\nWhy Sam believes that the spot ETH ETFs will be denied on May 23rd\n\nHow the SEC has already made up its mind even before gathering the facts, according to Sam\n\nWhether the recent judgment on Coinbase's case affects the potential case against the EF\n\nWhether Ethereum transactions are security transactions, and the difference between primary and secondary sales\n\nWhat to expect in terms of regulation and enforcement actions in the short term, given the number of cases at the moment\n\nThank you to our sponsors!\nPolkadot\nGuests:\n\n\nSam Enzer, Partner at Cahill Gordon & Reindel\n\nPrevious appearances on Unchained:\n\nHow 'a Criminal Choice' Got Sam Bankman-Fried a 25-Year Prison Sentence\n\nWhy the SEC\u2019s Case Against Coinbase Is So Significant for Crypto\n\nWhy SBF\u2019s Testimony So Far Has Likely Already Doomed Him\n\nAnother Bad Week for Sam Bankman-Fried in His Criminal Trial\n\nWhy These Lawyers Say It\u2019s Over for SBF-But His Only Hail Mary Is to Testify\n\nSBF Trial: How Sam Bankman-Fried\u2019s Lawyers Might Try and Win His Case\n\nSBF\u2019s Lawyers Could Be Annoying the Judge How Might That Impact the Trial?\n\n\nGreg Strong, partner at DLx Law\n\nPrevious appearance on Unchained: Why These Lawyers Say It's Over for SBF-But His Only Hail Mary Is to Testify\n\n\nLinks\nEthereum Foundation investigation:\n\nFortune: SEC probing crypto companies in Ethereum investigation as hopes for ETF dim\n\n\nCoinDesk: Ethereum Foundation Faces Inquiry From a Government; Fortune Says SEC Investigating ETH\n\n\nUnchained: Ex-CFTC Commissioner Says ETH Can Be Both a Commodity and a Security\n\n\nUnchained: SEC Investigating Ethereum Foundation Regarding Proof-of-Stake Transition: Report\xa0\n\n\nEthereum\u2019s security status\n\nUnchained: Ex-CFTC Commissioner Says ETH Can Be Both a Commodity and a Security\n\n\nFortune: SEC\u2019s Gensler seen telling hedge funds that Ethereum and Litecoin are \u2018not securities\u2019 in 2018 video\n\n\nCNBC:\xa0\n\nSEC Chair Gary Gensler on potential Crypto regulation: It's within the securities laws\n\nSEC Chair Gary Gensler discusses potential crypto regulation and stablecoins\n\n\nFor more details and links, visit Unchained \nLearn more about your ad choices. Visit megaphone.fm/adchoices