According to JPMorgan analysts, Ethereum could be placed in a new “other” category by the US authorities.

This step is said to prevent the asset from being identified as an investment contract and protect investors. The strategists of the investment bank, led by Nikolaos Panigirtzoglou, wrote in their latest investor note:
“It may be possible to introduce an 'other category' where Ethereum and other decentralized cryptocurrencies are decentralized enough to avoid being described as investment contracts. This 'other category' would include more restrictions and investor protection than those envisioned for current commodities, but less onerous than those required for investment contracts.”
As it is known, the highly anticipated 'Hinman' documents in the SEC - Ripple case were published recently. Documents containing internal emails written by the SEC Director of Corporate Finance in 2018 showed that the SEC at the time held the view that it was not necessary to issue ETH as an investment contract. At that time, William Hinman did not define ETH as an investment contract. This was because it had a “decentralized enough” blockchain network.
JPMorgan strategists believe that the SEC's reluctance to classify Ether as an investment contract is related to the emergence of the Hinman documents, and they believe that Ethereum will profit from the publication of the documents. In the analysts' notes, “The documents strengthen the possibility that they will avoid identifying Ethereum as an investment contract. This does not have to have direct implications for Ripple.”
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