ConsenSys has sent letter to the US Securities and Exchange Commission (SEC) advocating for the approval of spot Ethereum ETFs.
Following the SEC’s call for public comments on the iShares Ethereum Trust application on March 8, concerns were raised regarding Ethereum’s transition to the Proof-of-Stake (PoS) consensus algorithm in September 2022.
Highlighting Ethereum’s enhanced security under PoS compared to Bitcoin’s Proof-of-Work, ConsenSys emphasized factors such as distributed verification processes, integrated fraud and manipulation deterrents, robust defense against attacks, and environmental benefits.
The letter stressed, “We urge the SEC to acknowledge Ethereum’s advanced security, surpassing that of previously approved Bitcoin ETPs, and to consider approving Ethereum-based instruments.”
