Congressman Timmons Demands SEC Disclosure on Ethereum’s Inconsistent Treatment

• Congressman Timmons requests SEC documents on Ethereum’s regulatory classification.
• The letter cites withheld records from the lawsuit regarding ETH status determination.
• House seeks clarity on SEC’s contradictory positions under the current administration.

House Representative William Timmons has formally requested that SEC Chair Paul Atkins release documents detailing the commission’s conflicting approach to Ethereum’s regulatory status under the previous administration. The June 10, 2025, letter specifically targets records that the Biden Administration’s SEC had identified but withheld in response to a Freedom of Information Act request filed by History Associates on behalf of Coinbase.

The congressman’s question centers on the SEC’s conflicting positions regarding Ethereum’s status as a security. This documentation includes internal memos, analysis memoranda, and case closure narratives that may reflect the SEC’s justification for the commission’s change of heart.

Hidden Files Can Reveal Regulatory Discrepancies

Timmons described specific types of withheld documents that remain central to comprehending the SEC’s approach. They include emails and attachments with the subject of “Analysis of Ethereum 2.0 under Howey,” a list of emails and attachments sent to the then-Chair Gensler, case closing reports for the ETH 2.0 investigation, an email with the subject “ETH — Security or Not,” and more. 

The letter highlights the SEC’s inconsistent approach to Ethereum regulation, noting that while a top-ranking SEC official publicly declared in 2018 that ETH was not a security, former Chair Gary Gensler later cast doubt on this determination during congressional testimony in April 2023. The commission subsequently approved spot Ethereum ETFs in May 2024, which would only be appropriate if ETH lacks a security classification.

Regulatory Uncertainty Created Confusion For Investors

This regulatory uncertainty created what Timmons describes as “destabilizing confusion for millions of American crypto-market participants.” The congressman argues that the SEC’s failure to provide consistent guidance has hindered the development of the digital asset industry and undermined market confidence in regulatory decision-making processes.

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The FOIA litigation arose after Coinbase sought clarification on the SEC’s historical views regarding Ethereum’s regulatory status. When the agency denied the request, History Associates filed suit on behalf of the cryptocurrency exchange and ultimately compelled disclosure through court orders that revealed the existence of withheld documents.

Timmons frames his request within the broader context of the House Financial Services Committee’s work on Market Structure legislation, emphasizing the need for transparency in regulatory decision-making. The congressman suggests that disclosure of these documents is essential for ensuring that both industry participants and the American public understand the SEC’s historical approach.