Ethereum Decentralization Efforts Could Help it Avoid Being Deemed a Security by SEC

JP Morgan says Ethereum has a chance to avoid being labeled a security due to increased network decentralization
Ethereum now runs on a proof-of-stake model rather than proof-of-work, raising centralization concerns
Lido's share of staked Ethereum has dropped from 1/3 to 1/4, reducing concentration risks
The SEC says sufficiently decentralized tokens may not be securities with no controlling group
The SEC is reviewing Ethereum ETF applications, so its decision on Ethereum's status is important