Bitcoin
Bitcoin (BTC)
$69,057.00 -0.10448
Bitcoin price
Ethereum
Ethereum (ETH)
$3,802.90 1.24423
Ethereum price
BNB
BNB (BNB)
$601.39 -0.4231
BNB price
Solana
Solana (SOL)
$163.07 -3.79361
Solana price
XRP
XRP (XRP)
$0.5362010 0.00834
XRP price
Shiba Inu
Shiba Inu (SHIB)
$0.0000246 -1.36596
Shiba Inu price
Pepe
Pepe (PEPE)
$0.0000152 -3.65373
Pepe price
Bonk
Bonk (BONK)
$0.0000343 -6.93745
Bonk price
Bitcoin
Bitcoin (BTC)
$69,057.00 -0.10448
Bitcoin price
Ethereum
Ethereum (ETH)
$3,802.90 1.24423
Ethereum price
BNB
BNB (BNB)
$601.39 -0.4231
BNB price
Solana
Solana (SOL)
$163.07 -3.79361
Solana price
XRP
XRP (XRP)
$0.5362010 0.00834
XRP price
Shiba Inu
Shiba Inu (SHIB)
$0.0000246 -1.36596
Shiba Inu price
Pepe
Pepe (PEPE)
$0.0000152 -3.65373
Pepe price
Bonk
Bonk (BONK)
$0.0000343 -6.93745
Bonk price
Bitcoin
Bitcoin (BTC)
$69,057.00 -0.10448
Bitcoin price
Ethereum
Ethereum (ETH)
$3,802.90 1.24423
Ethereum price
BNB
BNB (BNB)
$601.39 -0.4231
BNB price
Solana
Solana (SOL)
$163.07 -3.79361
Solana price
XRP
XRP (XRP)
$0.5362010 0.00834
XRP price
Shiba Inu
Shiba Inu (SHIB)
$0.0000246 -1.36596
Shiba Inu price
Pepe
Pepe (PEPE)
$0.0000152 -3.65373
Pepe price
Bonk
Bonk (BONK)
$0.0000343 -6.93745
Bonk price
Bitcoin
Bitcoin (BTC)
$69,057.00 -0.10448
Bitcoin price
Ethereum
Ethereum (ETH)
$3,802.90 1.24423
Ethereum price
BNB
BNB (BNB)
$601.39 -0.4231
BNB price
Solana
Solana (SOL)
$163.07 -3.79361
Solana price
XRP
XRP (XRP)
$0.5362010 0.00834
XRP price
Shiba Inu
Shiba Inu (SHIB)
$0.0000246 -1.36596
Shiba Inu price
Pepe
Pepe (PEPE)
$0.0000152 -3.65373
Pepe price
Bonk
Bonk (BONK)
$0.0000343 -6.93745
Bonk price
SirWin
SirWin
SirWin

Consensys urges SEC to ‘recognize’ spot Ethereum ETFs safeguards

consensys-sec-spot-ethereum-etf-advanced-safeguards
Edited by
News
Consensys urges SEC to ‘recognize’ spot Ethereum ETFs safeguards

Consensys, the software company behind MetaMask digital wallet, is calling on U.S. regulators to recognize the advanced safeguards inherent in the design of Ethereum (ETH).

The Fort Worth, Texas-based firm penned a letter in response to the U.S. Securities and Exchange Commission’s (SEC) recent request for public comments on Nasdaq’s pending application for a rule change to permit the trading of iShares Ethereum Trust.

In the letter, Consensys explained why regulatory concerns about Ethereum’s susceptibility to fraud and manipulation are unfounded. 

https://twitter.com/Consensys/status/1773761825034686760

The company also argues that several key aspects of Ethereum’s proof-of-stake (PoS) implementation make it more resistant to tampering than the Bitcoin (BTC) proof-of-work (PoW) consensus model, which underlies Bitcoin-based exchange-traded products previously approved by the SEC.

The regulatory body’s request, issued on March 8, sought feedback on various aspects of Ethereum, including its proof-of-stake consensus mechanism and the concentration of control or influence by a few individuals or entities. It specifically inquired whether these features raise unique concerns about Ethereum’s susceptibility to fraud and manipulation.

One of the highlights of Consensys’ comment letter is Ethereum’s faster block finality under PoS, which ensures provable transaction finality within a shorter timeframe than PoW. Additionally, Ethereum’s PoS relies on a distributed and randomized validation process that prevents large stakeholder control, thus mitigating the risk of manipulation.

The blockchain technology company also emphasized Ethereum’s slashing penalties for validators who violate protocol rules and the network’s Byzantine fault tolerance, making it significantly more costly to attack Ethereum than Bitcoin.

Moreover, it highlighted Ethereum’s environmental benefits, noting that the network’s consensus mechanism is more environmentally friendly than Bitcoin’s.

In the letter, Consensys urged the SEC to approve spot Ethereum ETFs. The company emphasized its commitment to onboarding the next billion users to web3, stating that their comment letter is a step towards driving progress and providing relevant and useful information to the public.

The company expressed its readiness for ongoing, constructive dialogue with the SEC and its staff on the issue.

Other than Consensys, other players in the crypto space have also had their say regarding an Ethereum ETF. In early March, reports surfaced that Coinbase had met with the SEC to discuss a proposal by Grayscale for an ETH exchange-traded fund.

Per the reports, Coinbase made a presentation to the regulatory body where it committed to putting in place a surveillance sharing agreement with the Chicago Mercantile Exchange (CME) to check for any fraud or manipulation of the Ethereum ETF market if approved.