The U.S. Securities and Exchange Commission (SEC) has initiated an investigation into Ethereum, raising questions in the cryptocurrency community about the reasons for such action. Financial lawyer Scott Johnson proposed three possible reasons for this move by the SEC.

The first theory is related to the desire of SEC to appease senators, especially those who are critical of cryptocurrencies and demand tougher measures from the regulator against the crypto industry. SEC's decision to approve spot Bitcoin ETFs earlier this year drew criticism from Senator Elizabeth Warren and other politicians, which could have prompted the commission to take action against Ethereum.

The second theory suggests that the investigation may serve as grounds for denying approval of spot ETFs on Ethereum, portraying ETH as an unsafe asset and thus protecting the interests of investors.

The third theory points to SEC's desire not to undermine its arguments in lawsuits against cryptocurrency exchanges Coinbase and Binance, where Ethereum was not listed among unregistered securities.

An investigation against the Ethereum Foundation may also aim to recognize ETH as a security, which would change the legal status of cryptocurrency and affect its use and regulation.

SEC has also issued subpoenas to crypto platforms that have dealt with the Ethereum Foundation, demanding the provision of any documents and financial records related to the organization.