The United States Securities and Exchange Commission has reportedly issued several subpoenas to companies related to attempts to label Ether as a security.

According to a March 20 Fortune report, an investigation by the SEC into the Ethereum Foundation could give the commission regulatory coverage to define Ether  as a security. The foundation suggested via GitHub that it may be under investigation “from a state authority.”

Several U.S.-based companies reportedly received subpoenas from the SEC requesting they provide documents and financial records related to dealings with the Ethereum Foundation. According to people familiar with the matter, the commission launched a campaign to classify ETH as a security following the blockchain’s transition from proof-of-work to proof-of-stake in 2022.