According to a recent FOX report, the Securities and Exchange Commission (SEC) and its Chairman Gary Gensler have considered Ethereum an unregistered security for a long time. Documents filed in court by Consensys on April 29 indicate that the SEC and Gensler believe that Ether was traded in violation of applicable federal regulators as an unregistered security. Consensys sued the SEC in response to receiving a "Wells Notice" that outlined the SEC's plans to sue Ethereum for alleged violations of federal securities laws.