Is Ethereum code legal?

In the realm of cryptocurrency and finance, the legality of Ethereum's code often raises questions. Could you elaborate on the legal standing of Ethereum's underlying codebase? Is it subject to the same regulatory scrutiny as traditional financial institutions? Or does the decentralized nature of Ethereum's blockchain technology render its code exempt from traditional legal frameworks? Understanding the legal implications of Ethereum's code is crucial for both investors and developers alike, as it shapes the landscape of this rapidly evolving digital ecosystem.