The US House Committee is looking into the Securities and Exchange Commission (SEC) regarding its recent actions against Ethereum Foundations, creating confusion within the crypto industry. Republican members from the House Committee on Agriculture and House Financial Services Committee have written a letter to SEC chair Gary Gensler to seek clarity on the situation.

The committee expressed concerns about Prometheum Inc.'s plans to offer custody services for Ethereum (ETH), pointing out the lack of clarity in the SEC's Special Purpose Broker Dealer (SPBD) regime. They are questioning the SEC's stance on SPBDs' ability to hold non-securities and have urged the chair to address this issue.

Lawmakers referenced public records where both the Commodity Futures Trading Commission and the SEC identified Ethereum as a non-security digital asset. They believe that the SEC's actions could have negative implications for the digital asset markets.

While Ethereum recently underwent a significant upgrade, its price has seen fluctuations, currently trading at an average of $3,538 but still down 26% from its all-time high. The committee, led by Chairmen Glenn “GT” Thompson and Patrick McHenry, along with Representatives French Hill, Dusty Johnson, Tom Emmer, and Warren Davidson, raised these concerns and criticized the SEC's lack of clear rules regarding digital asset securities. The lawmakers are calling for clear guidelines for crypto-related assets in the marketplace.