A former SEC enforcement lawyer who wished to remain anonymous said the SEC's decision to drop the investigation may be because it believes Ethereum is not a security or because the agency is taking too much risk in litigation; closing the case does not necessarily mean that the SEC has decided that Ethereum is not a security, they may just decide not to risk litigation; the SEC may believe that ETH is issued as a security in some form. The SEC earlier closed its investigation into Consensys' Ethereum 2.0. (TheBlock)