SEC vs Ethereum

This would not come as a surprise I'm sure, but recently the SEC has been escalating its war on crypto, and this time it looks like Ethereum is the main character.

What I know at the moment is that the SEC plans to sue Consensys, because they sent some kind of notice signaling a law suit over Metamask's swap and staking features.

They are basically claiming that these services act as unregistered securities offerings.

In all of this, I think the big question would be whether ETH is a security, I might be wrong, but I don't think the SEC has ever stated whether ETH is a security, (like what we have with BTC that they call a commodity) because if they do would it not wreck DeFi, and even Ethereum ETFs.

The way I see it, if the SEC wins, it would mean that exchanges might delist ETH and staking services might even get shut down, and stuffs like this usually has ripple effect especially on other crypto.

This is something I'd like to follow for a while, and I'd like to know what other people think as well.