The Ethereum Foundation is facing inquiries from an unnamed "state regulator," CoinDesk reported. The investigation comes at a time of technological change for Ethereum and a possible inflection point for its native asset, ETH. Many U.S. investment firms are seeking to offer ETH as an exchange-traded fund (ETF). Although the U.S. Securities and Exchange Commission (SEC) recently approved a series of Bitcoin ETFs, it has been slow to move forward with these efforts. The SEC is reportedly seeking to classify ETH as a security, which would have significant implications for Ethereum, ETH ETFs, and the entire crypto space. It is understood that the scope and focus of the investigation are unclear at press time.