{"id":12131,"date":"2024-03-30T11:06:35","date_gmt":"2024-03-30T09:06:35","guid":{"rendered":"https:\/\/forklog.com\/en\/consensys-urges-sec-to-approve-spot-ethereum-etfs\/"},"modified":"2024-03-30T11:06:35","modified_gmt":"2024-03-30T09:06:35","slug":"consensys-urges-sec-to-approve-spot-ethereum-etfs","status":"publish","type":"post","link":"https:\/\/forklog.com\/en\/consensys-urges-sec-to-approve-spot-ethereum-etfs\/","title":{"rendered":"ConsenSys Urges SEC to Approve Spot Ethereum ETFs"},"content":{"rendered":"<p>The company behind the cryptocurrency wallet MetaMask, ConsenSys, has sent a letter to the U.S. Securities and Exchange Commission (SEC) urging the approval of spot Ethereum ETFs.<\/p>\n<blockquote class=\"twitter-tweet\">\n<p lang=\"en\" dir=\"ltr\">In our comment letter to the SEC on ETH ETF approval, \u201cWe urge the Commission to recognize the advanced safeguards inherent in Ethereum\u2019s design\u201d. ? <a href=\"https:\/\/t.co\/agfLYbl1Vt\">https:\/\/t.co\/agfLYbl1Vt<\/a><\/p>\n<p>\u2014 Consensys (@Consensys) <a href=\"https:\/\/twitter.com\/Consensys\/status\/1773761825034686760?ref_src=twsrc%5Etfw\">March 29, 2024<\/a><\/p><\/blockquote>\n<p> <script async=\"\" src=\"https:\/\/platform.twitter.com\/widgets.js\" charset=\"utf-8\"><\/script><\/p>\n<p>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, which Ethereum adopted in September 2022.<\/p>\n<p>ConsenSys noted that the security of PoS in the second-largest cryptocurrency by market capitalization surpasses that of Bitcoin&#8217;s Proof-of-Work. In January 2024, the SEC <a href=\"https:\/\/forklog.com\/en\/news\/sec-approves-all-11-spot-bitcoin-etf-applications\">approved<\/a> instruments based on digital gold.<\/p>\n<p>The company also highlighted Ethereum&#8217;s distributed verification process, built-in mechanisms to combat fraud and manipulation, high attack costs, and environmental benefits.<\/p>\n<blockquote class=\"wp-block-quote is-layout-flow wp-block-quote-is-layout-flow\"><p>\n<cite>\u201cWe strongly urge the SEC to recognize the advanced protection of Ethereum, which not only matches but exceeds the security and resilience of Bitcoin ETPs previously approved by the SEC,\u201d the letter states.<\/cite><\/p><\/blockquote>\n<p>In early March, Grayscale and Coinbase discussed with the SEC the conversion of ETHE into a spot Ethereum ETF. The race to launch the instrument also includes <a href=\"https:\/\/forklog.com\/en\/news\/franklin-templeton-seeks-approval-for-spot-ethereum-etf\">Franklin Templeton<\/a>, <a href=\"https:\/\/forklog.com\/en\/news\/vaneck-submits-revised-application-for-spot-ethereum-etf\">VanEck<\/a>, BlackRock, Fidelity, and <a href=\"https:\/\/forklog.com\/en\/news\/sec-postpones-decision-on-invesco-and-galaxys-spot-ethereum-etf\">Invesco with Galaxy<\/a>.<\/p>\n<p>Galaxy Digital deemed the approval of an ETH ETF in May as \u201cextremely unlikely,\u201d citing the lack of active engagement by the Commission with issuers and media reports of SEC subpoenas regarding Ethereum&#8217;s classification.<\/p>\n<p>Earlier, Bloomberg analyst Eric Balchunas halved the probability of a spot Ethereum ETF being registered in May\u2014from 70% to 35%. According to GSR, the chances have dropped to 20%.<\/p>\n<p>Previously, U.S. senators urged the SEC not to approve new cryptocurrency exchange-traded funds, citing the \u201cenormous risks\u201d of these instruments.<\/p>\n","protected":false},"excerpt":{"rendered":"<p>The company behind the cryptocurrency wallet MetaMask, ConsenSys, has sent a letter to the U.S. Securities and Exchange Commission (SEC) urging the approval of spot Ethereum ETFs. In our comment letter to the SEC on ETH ETF approval, \u201cWe urge the Commission to recognize the advanced safeguards inherent in Ethereum\u2019s design\u201d. ? https:\/\/t.co\/agfLYbl1Vt \u2014 Consensys [&hellip;]<\/p>\n","protected":false},"author":1,"featured_media":12130,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"select":"","news_style_id":"","cryptorium_level":"","_short_excerpt_text":"","creation_source":"","_metatest_mainpost_news_update":false,"footnotes":""},"categories":[3],"tags":[246,569,46,128],"class_list":["post-12131","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-news-and-analysis","tag-consensys","tag-etf","tag-ethereum","tag-sec"],"aioseo_notices":[],"amp_enabled":true,"views":"13","promo_type":"","layout_type":"","short_excerpt":"","is_update":"","_links":{"self":[{"href":"https:\/\/forklog.com\/en\/wp-json\/wp\/v2\/posts\/12131","targetHints":{"allow":["GET"]}}],"collection":[{"href":"https:\/\/forklog.com\/en\/wp-json\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/forklog.com\/en\/wp-json\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/forklog.com\/en\/wp-json\/wp\/v2\/users\/1"}],"replies":[{"embeddable":true,"href":"https:\/\/forklog.com\/en\/wp-json\/wp\/v2\/comments?post=12131"}],"version-history":[{"count":0,"href":"https:\/\/forklog.com\/en\/wp-json\/wp\/v2\/posts\/12131\/revisions"}],"wp:featuredmedia":[{"embeddable":true,"href":"https:\/\/forklog.com\/en\/wp-json\/wp\/v2\/media\/12130"}],"wp:attachment":[{"href":"https:\/\/forklog.com\/en\/wp-json\/wp\/v2\/media?parent=12131"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/forklog.com\/en\/wp-json\/wp\/v2\/categories?post=12131"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/forklog.com\/en\/wp-json\/wp\/v2\/tags?post=12131"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}