In late August 2023, a New York district court categorized Bitcoin and Ethereum as "crypto commodities," amid a long-standing debate over whether cryptocurrencies should be classified as securities or commodities. The US SEC's stance, influenced by William Hinman's speech, holds that decentralized cryptocurrencies may not be securities. However, ICOs, investor dependence on third parties for token appreciation, and concerns about development team influence have led the SEC to view many cryptocurrencies, including Ethereum, as securities. While some argue that SEC regulation protects investors, others believe it stifles crypto's potential for a decentralized financial system. Evaluating a cryptocurrency's status involves assessing its decentralization, token distribution, ICO structure, and utility. Regulatory uncertainty persists, with Bitcoin considered a commodity while the status of Ethereum and other cryptocurrencies remains unclear amidst legal battles and regulatory scrutiny.