Consensys Pushes for Ethereum ETF Approval

MetaMask’s parent company, Consensys, is urging the SEC to approve spot market Ethereum ETFs. They argue that Ethereum’s proof-of-stake system makes it more secure than Bitcoin’s proof-of-work system.

Ethereum’s Security

Consensys claims that Ethereum’s proof-of-stake mechanism provides better security than Bitcoin’s proof-of-work system. They state that “Ethereum’s PoS implementation meets and even exceeds the security of Bitcoin’s Proof of Work (PoW).”

SEC’s Concerns

The SEC had previously raised concerns about fraud and manipulation in Ethereum. However, Consensys believes these concerns are unfounded. They argue that Ethereum’s “decentralized development community and inherent network transparency establish a robust security framework that significantly reduces the risk of fraud and manipulation.”

Approval Request

Consensys urges the SEC to approve the iShares Ethereum Trust, an ETF that tracks the price of Ethereum. They argue that there is no justifiable reason to deny its listing based on security concerns. They believe that Ethereum’s safeguards exceed those of previously approved Bitcoin ETFs.