Krutika Adani
Lido still controls 29% of the stETH token supply, which has caused its trouble.
Even if the platform decentralizes now, the SEC has already filed a case.
As per FIT-21, if a cryptocurrency has 20% or more supply with a single entity, individual or otherwise, the crypto is to be classified as a security.
Lido can still negotiate with the SEC for a reduced penalty.
Lido risks incurring a heavy penalty if it does not explore legal options quickly.