Recently we learned that the witch hunt launched several months ago by the Securities and Exchange Commission (SEC) now targets Ethereum. The financial regulator has even summoned several companies to appear in what appears to be yet another relentless attempt at regulating the crypto industry. In a recent analysis, we explained that the SEC has as much to lose in this matter as Ethereum. But ultimately, as Ethereum both incites fears and speculations, what should we realistically expect? This is the question we will attempt to answer in this new analysis focusing on the intentions of the US financial regulator in regulating Ethereum.