It is in the legal record now as being considered a security. It may not be the nail in the coffin, but it is something that can be cited, and the first time any enforcement action has been introduced.
Discussion
That being said, I have little expertise in the matter. Interesting, as you say.
One thing to note: the AG specifically states Ether "just like LUNA and [Terra], is a speculative asset that relies on the efforts of third-party developers in order to provide profit to the holders of ETH" in a press conference, and that under the Martin Act, it is within their domain to file criminal or civil suits.
That's not company you want to be associated with (as we know, Bitcoin, not Crypto).