According to legal documents related to SEC's lawsuit against Consensys, US SEC Chairman Gensler has consistently believed over the past year that ETH is an "unregistered security" and does not comply with current federal regulations. In addition, on March 28th, 2023, SEC enforcement department head Gurbir Grewal approved a formal order to investigate the status of Ethereum securities, authorizing law enforcement officers to investigate and subpoena individuals and entities involved in the matter. It is reported that subpoena recipients must strictly maintain the confidentiality of the investigation if they wish to learn more about it, following the instructions of the US Securities and Exchange Commission.