Consensys responded to a request for information from the U.S. Securities and Exchange Commission. Ethereum ETH
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The blockchain and web3 software development company behind the well-known MetaMask wallet said in a submission to regulators that these concerns were “entirely without merit,” according to Consensys’ own summary.
“In fact, Ethereum’s PoS implementation meets or even exceeds the security of Bitcoin’s Proof-of-Work (PoW), which underlies the Bitcoin-based ETF that has already been approved for trading by the SEC,” Consensys explains in a blog post. I did.
Consensys also notes that Ethereum features faster block finality than the Bitcoin network, separation of duties between proposers and provers that helps prevent control by large stakeholders, and lower attack costs than Bitcoin. They pointed out that it costs a lot, punishes validators who violate protocol rules, and is more environmentally friendly than Bitcoin. . (As The Block reported earlier this week, the 13,900 nodes powering the Ethereum network are currently running more than 1 million validators.)
He also pointed out that Ethereum’s active developer community is larger than Bitcoin’s and that the blockchain is also completely public and transparent.
“We urge the SEC to recognize the advanced safeguards inherent in Ethereum’s design, which not only meet but exceed the fundamental security and resilience safeguards of Bitcoin-based ETPs previously approved by the SEC,” Consensys said. “I do,” he wrote.
Although spot Bitcoin ETFs have proven to be very popular, it is still up for debate whether a spot Ether ETF will be approved this May. Bloomberg ETF analysts recently estimated the likelihood of taking a position. Ethereum exchange traded fund Approximately 30% are expected to be approved in May.
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