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Published on March 20, 2024 17:29 GMT+00:00edited on March 20, 2024 17:34 GMT+00:00

The U.S. Securities and Exchange Commission issued subpoenas to firms that dealt with the Ethereum Foundation, reports Fortune, citing people familiar with the matter. 

Individuals from companies receiving the subpoenas said the inquiries were highly specific to the Ethereum Foundation. In addition, some firms received subpoenas recently, while others obtained theirs after Ethereum switched to a proof-of-stake (PoS) consensus system in September 2022 in a transition dubbed "The Merge."

Fortune reports that the regulator's investigations also required firms to provide documents and financial records related to Ethereum Foundation interactions. The Ethereum Foundation is a non-profit based in Switzerland that develops and manages the Ethereum blockchain. 

The Ethereum …