According to BlockBeats, on May 7, CoinDesk reported that based on the latest SEC internal documents disclosed by Coinbase, the New York State Attorney General's Office requested the U.S. Securities and Exchange Commission (SEC) to formally classify Ethereum as a security during its lawsuit against the cryptocurrency trading platform KuCoin in 2023.
Shamiso Maswoswe, the director of the New York Investor Protection Bureau, explicitly requested the SEC to submit an amicus brief supporting this position in an email, stating, 'Although this is not a determining factor for the case's judgment, the court recognizing ETH as a security would be more favorable for investor protection.'
The SEC ultimately did not respond to the New York prosecutors' request, maintaining an ambiguous stance on ETH properties. Documents show that the SEC initially leaned towards classifying ETH as a commodity, but its attitude wavered after Ethereum transitioned to a PoS mechanism. It is reported that New York's financial regulatory system is unique, as its Department of Financial Services simultaneously oversees both securities and commodities trading. With the Trump administration appointing cryptocurrency-friendly Paul Atkins to lead the SEC, tensions surrounding U.S. crypto regulation have somewhat eased. The SEC has recently issued statements clarifying that certain digital assets do not fall under the category of securities. However, this leaked document once again highlights the fundamental differences between federal and state regulatory agencies regarding the classification of cryptocurrencies.