The U.S. Ninth Circuit Court of Appeals has rejected Hodl Law's lawsuit against the SEC, which attempted to force the SEC to clarify its classification of ETH. Hodl Law failed to prove the "real danger" of facing SEC enforcement action due to the use of Ethereum and its tokens. The court held that the SEC has not yet classified ETH as a security, and Hodl Law has failed to provide evidence that the SEC has taken "final agency action". Although the SEC has approved a spot ETH ETF, the legal status of ETH is still unclear. Hodl Law stated that it will continue to seek legal avenues to obtain a clear answer.

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