Ethereum

2024

<p class="is-style-lead">Consensys, the software company behind <a href="https://crypto.news/how-to-set-up-a-metamask-wallet/" target="_blank" rel="noopener noreferrer nofollow">MetaMask</a> digital wallet, is calling on U.S. regulators to recognize the advanced safeguards inherent in the design of Ethereum (<a href="https://crypto.news/price/ethereum/" target="_blank" rel="noopener noreferrer nofollow">ETH</a>).</p>
<p>The Fort Worth, Texas-based firm penned a <a href="https://consensys.io/blog/comment-letter-to-sec-on-eth-etf-approval-pos" target="_blank" rel="noopener noreferrer nofollow">letter</a> in response to the U.S. Securities and Exchange Commission’s (SEC) recent request for public comments on Nasdaq’s pending <a href="https://www.federalregister.gov/documents/2024/03/08/2024-04928/self-regulatory-organizations-the-nasdaq-stock-market-llc-order-instituting-proceedings-to-determine" target="_blank" rel="noopener noreferrer nofollow">application</a> for a rule change to permit the trading of iShares Ethereum Trust.</p>
<p>In the letter, Consensys explained why regulatory concerns about Ethereum’s susceptibility to fraud and manipulation are unfounded.&nbsp;</p>
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   <p lang="en" dir="ltr">In our comment letter to the SEC on ETH ETF approval, “We urge the Commission to recognize the advanced safeguards inherent in Ethereum’s design”. 📝 <a href="https://t.co/agfLYbl1Vt" target="_blank" rel="noopener noreferrer nofollow">https://t.co/agfLYbl1Vt</a></p>— Consensys (@Consensys) <a href="https://twitter.com/Consensys/status/1773761825034686760?ref_src=twsrc%5Etfw" target="_blank" rel="noopener noreferrer nofollow">March 29, 2024</a>
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<p>The company also argues that several key aspects of Ethereum’s proof-of-stake (<a href="https://crypto.news/learn/what-is-proof-of-stake-pos/" data-type="link" data-id="https://crypto.news/learn/what-is-proof-of-stake-pos/" target="_blank" rel="noopener noreferrer nofollow">PoS</a>) implementation make it more resistant to tampering than the Bitcoin (<a href="https://crypto.news/price/bitcoin/" data-type="link" data-id="https://crypto.news/price/bitcoin/" target="_blank" rel="noopener noreferrer nofollow">BTC</a>) proof-of-work (<a href="https://crypto.news/learn/what-is-proof-of-work/" data-type="link" data-id="https://crypto.news/learn/what-is-proof-of-work/" target="_blank" rel="noopener noreferrer nofollow">PoW</a>) consensus model, which underlies Bitcoin-based exchange-traded products previously <a href="https://crypto.news/sec-approves-spot-bitcoin-etf-on-accelerated-basis/" target="_blank" rel="noopener noreferrer nofollow">approved</a> by the SEC.</p>
<p>The regulatory body’s <a href="https://crypto.news/sec-approves-spot-bitcoin-etf-on-accelerated-basis/" target="_blank" rel="noopener noreferrer nofollow">request</a>, 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.</p>
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<p>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.</p>
<p>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.</p>
<p>Moreover, it highlighted Ethereum’s environmental benefits, noting that the network’s consensus mechanism is more environmentally friendly than Bitcoin’s.</p>
<p>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.</p>
<p>The company expressed its readiness for ongoing, constructive dialogue with the SEC and its staff on the issue.</p>
<p>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 <a href="https://crypto.news/coinbase-calls-on-sec-to-approve-grayscales-spot-ethereum-etf/" data-type="link" data-id="https://crypto.news/coinbase-calls-on-sec-to-approve-grayscales-spot-ethereum-etf/" target="_blank" rel="noopener noreferrer nofollow">discuss</a> a proposal by Grayscale for an ETH exchange-traded fund.</p>
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   <p lang="en" dir="ltr">Today <a href="https://twitter.com/coinbase?ref_src=twsrc%5Etfw" target="_blank" rel="noopener noreferrer nofollow">@coinbase</a> responded to <a href="https://twitter.com/SECGov?ref_src=twsrc%5Etfw" target="_blank" rel="noopener noreferrer nofollow">@SECGov</a>'s request for comment on the proposed <a href="https://twitter.com/Grayscale?ref_src=twsrc%5Etfw" target="_blank" rel="noopener noreferrer nofollow">@Grayscale</a> Ether Trust ($ETHE) ETP. 27 pages and 96 citations that provide the (1) legal, (2) technical, and (3) economic rationale for approval. 1/6</p>— paulgrewal.eth (@iampaulgrewal) <a href="https://twitter.com/iampaulgrewal/status/1760429424951054495?ref_src=twsrc%5Etfw" target="_blank" rel="noopener noreferrer nofollow">February 21, 2024</a>
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<p>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.</p>
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Consensys urges SEC to ‘recognize’ spot Ethereum ETFs safeguards

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