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| Name | ConsenSys urged the #SEC to approve spot #Ethereum #ETFs. |
| Video Uploader | Video From AFI |
| Upload Date | This Video Uploaded At 30-03-2024 16:01:05 |
| Video Discription | The company ConsenSys, behind the cryptocurrency wallet MetaMask, has sent a letter to the U.S. Securities and Exchange Commission (SEC), urging approval for a spot Ethereum ETF. On March 8, the SEC requested public comments on the application for the iShares Ethereum Trust. The regulator expressed concerns about the Proof-of-Stake (PoS) consensus algorithm that Ethereum adopted in September 2022. ConsenSys noted that the security of PoS in the second-largest cryptocurrency surpasses Proof-of-Work in Bitcoin. They also emphasized Ethereum's distributed verification process, built-in mechanisms to combat fraud and manipulation, high cost of attack, and environmental advantages. The letter states: "We strongly urge the SEC to recognize Ethereum's advanced protection, which not only meets but exceeds the security and resilience of Bitcoin-ETPs previously approved by the SEC." In early March, Grayscale and Coinbase discussed with the SEC the conversion of ETHE into a spot Ethereum ETF. Franklin Templeton, VanEck, BlackRock, Fidelity, and Invesco with Galaxy are also in the race to launch the instrument. Galaxy Digital deemed approval of an ETH-ETF in May #btc #eth #insider #bitcoin #ethereum #halving "extremely unlikely," citing the lack of active engagement by the Commission with issuers and media reports of SEC subpoenas regarding Ethereum classification. Bloomberg analyst Eric Balchunas halved the probability of registering a spot Ethereum ETF in May from 70% to 35%. According to GSR, the chances have fallen to 20%. Earlier, U.S. senators urged the SEC not to approve new cryptocurrency exchange-traded funds, citing "enormous risks" associated with these instruments. [mk5boxxj-ww] |
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