According to Odaily, Bill Hughes, the Senior Legal Advisor and Global Director of Regulatory Affairs at Consensys, has stated in an interview that the U.S. Securities and Exchange Commission (SEC) is likely to classify Ethereum (ETH) under the Investor Protection Law. In October 2023, the SEC permitted futures exchange-traded funds (ETFs) based on Ethereum to be traded on securities exchange platforms. This indicated that the asset underlying the futures contract was not a security. However, certain developments since then seem to have led the SEC to reconsider its stance. Hughes' comments suggest a potential shift in the regulatory landscape for Ethereum, one of the leading cryptocurrencies. The implications of such a change could be significant for the broader crypto market.