The U.S. Securities and Exchange Commission (SEC) has reportedly been issuing subpoenas to entities associated with the Ethereum Foundation.

According to Fortune, these legal actions are part of an investigation targeting the foundation’s dealings, with a focus on the non-profit organization headquartered in Switzerland.

The Ethereum Foundation is known for its role in the development and governance of the Ethereum blockchain.

Some firms reportedly received subpoenas shortly after Ethereum’s transition to proof-of-stake (PoS) in September 2022 from the proof-of-work model.

The regulatory body’s steps have sparked discussions around its potential implications for the classification of Ether as a security.

This development comes amidst anticipation and speculation about the SEC’s stance on spot Ether exchange-traded funds (ETFs).

The regulatory authority has been postponing decisions on several applications for such ETFs, including a recent delay announced to Van Eck, pushing a verdict to May 23.