I have been keeping an eye on development with this one too. The reported spectra is blue and featureless which would be consistent with it being a CV. I think the speculation about it possibly being an SN comes from the fact that it is coincident in position with the galaxy and is within the brightness range expected for an SN at this distance (though the latest measurement at mag 13.8 would put it towards the top end for an SN at this distance I think.) The problem at the moment is, because the spectrum is currently featureless and there are confusing spectral features from the galaxy there is no definitive redshift measurement yet which would conclusively prove if it is a foreground object.
Robin