Will Canny is CoinDesk's finance reporter.
This has raised the chances that ether will not be designated as a security, the report said.’s share of staked ether has continued to fall, which should reduce concerns about concentration in the Ethereum network, raising the chance that ETH won't be designated as a security in the future, JPMorgan said in a research report on Wednesday.
“The share of Lido in staked ETH has decreased further from around one third a year ago to around a quarter at the moment,” analysts led by Nikolaos Panigirtzoglou wrote., which were released last June, “revealed the role of network decentralization in the SEC’s thinking on whether a digital token should be classified as a security or not,” the analysts wrote.
JPMorgan notes that officials from the Securities and Exchange Commission had acknowledged in the past that “tokens on a sufficiently decentralized network are no longer securities as there is no controlling group in the Howey sense.”relates to the U.S. Supreme Court case to determine whether a transaction qualifies as an investment contract. If a transaction is considered to be an investment contract, it’s classified as a security.
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