For weeks, speculation has mounted that the SEC is preparing to cross the crypto Rubicon and declare Ethereum, the second-largest cryptocurrency, a security. As the deadline looms for a decision on spot Ether ETFs,

Ethereum (CRYPTO: ETH) developer Consensys brought the U.S. Securities and Exchange Commission to court, seeking a declaration that ether is not a security. This legal battle will be a prolonged affair,

MetaMask maker goes on offense following the warning of an impending enforcement action. The SEC says most cryptos are securities but has not clearly stated its position on ether.

Under increasing pressure over the revelation that Gensler's SEC had viewed Ether as a security before it refused to answer Congress regarding the matter, the House Committee on Financial Services has scheduled a hearing on SEC enforcement next week.