The U.S. Securities and Exchange Commission approved a "formal order" to investigate ethereum a year ago, Consensys Software Inc. alleged in a newly unredacted complaint on Monday.

The blockchain and web3 development company behind the well-known MetaMask Wallet said the regulator "already made what it knew would be a destabilizing reversal of its declaration that ETH was not a security" by early 2023.

"On March 28, 2023, Gurbir Grewal, Director of the Division of Enforcement, approved the Formal Order of Investigation in the matter of “Ethereum 2.0” (the 'Formal Order'), delegating to the SEC staff broader authority to investigate and subpoena individuals and entities involved in the buying or selling of ETH. The Commission affirmed the issuance of the Formal Order shortly thereafter …