The declining market share of Lido, Ethereum's largest liquid staking protocol, indicates that Ethereum would likely avoid being classified as a security in the future, according to JPMorgan analysts.
Last October, JPMorgan analysts expressed concerns that platforms like Lido, although being decentralized liquid staking protocols, "involve a high degree of centralization" and pose risks to Ethereum. However, these concerns have seemingly eased with Lido's decreasing market share. Following the release of the Hinman documents last year, JPMorgan analysts had said U.S. lawmakers could create a new "other category" to accommodate Ethereum, thus avoiding its classification as a security while ensuring investor protection. SEC chairman Gary Gensler has refused to comment on whether Ethereum is exempt from securities regulations.
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