隨著去中心化程度的飆升，以太坊避開了安全指定

摩根大通分析師表示，以太坊日益去中心化可能會阻止其被 SEC 歸類為證券。主要質押提供者 Lido 的主導地位下降，緩解了人們對網路集中度的擔憂。這一發展增加了以太坊在未來避免安全指定的可能性，影響了加密產業正在進行的辯論和監管格局。

Ethereum's Decentralization Gains Traction, Potentially Evading Security Designation

以太坊的去中心化獲得關注，有可能逃避安全指定

The ongoing debate over the classification of Ethereum (ETH) as a security or commodity has taken a significant turn, with experts from banking giant JP Morgan suggesting that the project's increasing decentralization may steer it away from being designated as a security.

關於以太坊（ETH）作為證券或商品分類的持續爭論已經發生了重大轉變，銀行業巨頭摩根大通的專家表示，該項目日益去中心化可能會使其不再被指定為證券。

Staking Concentration Declines on Ethereum Network

以太坊網路的質押集中度下降

In a recent report, JP Morgan analysts highlighted a decline in the proportion of Ethereum staked through Lido, one of the industry's largest staking projects. "In another positive for the Ethereum network, the share of Lido in staked ETH has decreased further from around one third a year ago to around a quarter at the moment," the report stated.

在最近的一份報告中，摩根大通分析師強調，透過業界最大的質押項目之一 Lido 質押的以太坊比例有所下降。報告稱：“對以太坊網絡來說，另一個積極的方面是，Lido 在抵押 ETH 中的份額進一步從一年前的三分之一左右下降到目前的四分之一左右。”

Reduced Concentration Raises Hopes of Avoiding Security Designation

集中度降低增加了避免安全指定的希望

JP Morgan emphasized that this decline in concentration helps alleviate concerns regarding the centralization of the Ethereum network. As a result, the chances of Ethereum being classified as a security in the future diminish.

摩根大通強調，這種集中度的下降有助於緩解人們對以太坊網路中心化的擔憂。因此，以太坊未來被歸類為證券的機會就會減少。

Crypto Industry's Concerns About Ethereum's Staking

加密產業對以太坊質押的擔憂

Concerns emerged within the crypto community that Ethereum's transition to a proof-of-stake blockchain could lead to increased centralization, as centralized entities like Lido, Coinbase, Kraken, and Binance were handling a significant portion of the staking.

加密社群內部出現了這樣的擔憂：以太坊向權益證明區塊鏈的過渡可能會導致中心化程度的提高，因為像 Lido、Coinbase、Kraken 和 Binance 這樣的中心化實體正在處理很大一部分的權益。

SEC's Position on Decentralization and Security Designation

SEC 關於權力下放和安全指定的立場

The Securities and Exchange Commission (SEC) has previously indicated that tokens on a sufficiently decentralized network do not constitute securities due to the absence of a "controlling group." This stance from the SEC is critical, as it is currently reviewing multiple applications for a U.S. spot Ethereum exchange-traded product.

美國證券交易委員會（SEC）此前曾表示，由於不存在“控制集團”，充分去中心化網路上的代幣並不構成證券。美國證券交易委員會的這一立場至關重要，因為它目前正在審查美國現貨以太坊交易所交易產品的多項申請。

SEC's Scrutiny of Crypto Securities

SEC 對加密貨幣證券的審查

The SEC has actively pursued crypto companies involved in the sale of unregistered securities. The agency has initiated a public comment period on proposals from three major players looking to launch Ethereum exchange-traded products.

美國證券交易委員會積極追查參與銷售未註冊證券的加密貨幣公司。該機構已對尋求推出以太坊交易所交易產品的三大參與者的提案啟動了公眾評議期。

Ethereum's Price Performance

以太坊的價格表現

Despite the regulatory uncertainties surrounding its classification, Ethereum's price has remained resilient, trading at $3,418 as of the latest CoinGecko data. The price has increased by almost 3% over the past 24 hours.

儘管圍繞其分類存在監管不確定性，但以太坊的價格仍然保持彈性，根據 CoinGecko 的最新數據，其交易價格為 3,418 美元。過去24小時內價格上漲了近3%。

Conclusion

結論

JP Morgan's analysis suggests that Ethereum's increasing decentralization may shield it from being classified as a security by regulators. While the SEC's stance remains uncertain, the efforts to reduce concentration within the staking ecosystem appear to be contributing to the project's decentralized nature. The evolving regulatory landscape for cryptocurrencies will continue to shape the industry's future, and Ethereum's status as a security or commodity remains an important topic of discussion.

摩根大通的分析表明，以太坊日益去中心化可能會使其免於被監管機構歸類為證券。儘管 SEC 的立場仍不確定，但降低 Stake 生態系統內集中度的努力似乎有助於該專案的去中心化性質。加密貨幣不斷變化的監管環境將繼續塑造該行業的未來，而以太坊作為證券或商品的地位仍然是一個重要的討論主題。