I wrote 2 months ago:

However in Ethereum’s case as I previously explained, I think Valkenburgh’s argument is apropos in that by now most of ETH has been mined with proof-of-work and the free market is more in control of the system than Vitalik or any group, as evident by the fork to ETC for example.

As expected, SEC Commissioned hints that Ethereum isn’t a security because they “see a highly decentralized network.”

Note that applies to the token itself. The issuers could still be in trouble, but unlikely the SEC can go against them because they were lawyered up behind laws of Switzerland. I don’t know if they did enough to exclude unsophisticated US investors, but presumably it’s too late for that. And the SEC’s resources are spread too thin and they have more egregious cases to pursue.

However, there’s still the Tezos class action lawsuits percolating, although it appears the lawsuits will not prosper.