ETHUSD Will Consensys’ comments help in getting Ether ETF approv
On March 8, 2024, the Security and Exchange Commission (SEC) requested public comments on Nasdaq’s pending applications to permit the approval of a spot Ethereum exchange-traded fund (ETF). In response to the SEC’s request for public comments regarding the approval of Ether ETF applications, advocates of Ethereum have submitted a comprehensive letter addressing concerns about fraud and manipulation.Ethereum Advocates’ response to the SEC’s concern
However, the SEC’s inquiry specifically questioned whether Ethereum’s Proof of Stake (PoS) consensus mechanism and concentration of control raise unique concerns regarding vulnerability to fraudulent activities. Following the SEC’s question advocates highlighted Ethereum’s robust security measures, surpassing those of Bitcoin’s Proof of Work (PoW) model, which forms the basis of previously approved Bitcoin ETFs.
These are the key highlights included in response to the SEC’s concerns regarding the fraudulent activities:
Faster Block Finality: Ethereum’s transition to PoS ensures faster block finality, where transactions are irreversibly confirmed in a shorter timeframe compared to PoW.
Distributed Validation Process: Ethereum PoS divides block validation duties among proposers and attesters, preventing centralized control and manipulation.
Total Cost to Attack: Research indicates that Ethereum’s Byzantine fault tolerance makes network compromise significantly more costly compared to Bitcoin.
Slashing Penalties: Ethereum penalizes validators who violate protocol rules through stake deductions, serving as a deterrent against malicious behavior.
Environmental Benefits: Ethereum’s PoS model is environmentally friendly compared to Bitcoin’s energy-intensive PoW, consuming significantly less energy.
Additionally, Ethereum’s decentralized community and transparent development process contribute to its security and resilience against attacks. Advocates also urged the SEC to recognize Ethereum’s advanced safeguards, which meet and exceed the security standards of previously approved Bitcoin-based ETPs.
The submission reflects the advocates’ commitment to advancing Ethereum’s adoption and fostering constructive discussion with regulatory authorities. However, this letter marks a significant step in promoting awareness and understanding of Ethereum’s security features, aiming to facilitate the approval of ether ETFs and onboard the next billion users to web3.Will ETH ETF approval impact Ethereum price?
However, following the approval of the spot Bitcoin ETF, the crypto community is eagerly awaiting the approval of the spot ETH ETF. It is also expected that once the ETF is approved, similar to the Bitcoin ETF, Ethereum will also reach its all-time high.
Ethereum is trading near the $3,500 level, and in the last 24 hours, it experienced a downside momentum of nearly 2%. If we look at Ethereum’s performance over a longer period, in the last 7 days, the price of Ethereum experienced only a 4% upside momentum. Whereas, in the last 30 days, it has remained neutral with a 0.4% momentum. © Todayq News
However, the SEC’s inquiry specifically questioned whether Ethereum’s Proof of Stake (PoS) consensus mechanism and concentration of control raise unique concerns regarding vulnerability to fraudulent activities. Following the SEC’s question advocates highlighted Ethereum’s robust security measures, surpassing those of Bitcoin’s Proof of Work (PoW) model, which forms the basis of previously approved Bitcoin ETFs.
These are the key highlights included in response to the SEC’s concerns regarding the fraudulent activities:
Faster Block Finality: Ethereum’s transition to PoS ensures faster block finality, where transactions are irreversibly confirmed in a shorter timeframe compared to PoW.
Distributed Validation Process: Ethereum PoS divides block validation duties among proposers and attesters, preventing centralized control and manipulation.
Total Cost to Attack: Research indicates that Ethereum’s Byzantine fault tolerance makes network compromise significantly more costly compared to Bitcoin.
Slashing Penalties: Ethereum penalizes validators who violate protocol rules through stake deductions, serving as a deterrent against malicious behavior.
Environmental Benefits: Ethereum’s PoS model is environmentally friendly compared to Bitcoin’s energy-intensive PoW, consuming significantly less energy.
Additionally, Ethereum’s decentralized community and transparent development process contribute to its security and resilience against attacks. Advocates also urged the SEC to recognize Ethereum’s advanced safeguards, which meet and exceed the security standards of previously approved Bitcoin-based ETPs.
The submission reflects the advocates’ commitment to advancing Ethereum’s adoption and fostering constructive discussion with regulatory authorities. However, this letter marks a significant step in promoting awareness and understanding of Ethereum’s security features, aiming to facilitate the approval of ether ETFs and onboard the next billion users to web3.Will ETH ETF approval impact Ethereum price?
However, following the approval of the spot Bitcoin ETF, the crypto community is eagerly awaiting the approval of the spot ETH ETF. It is also expected that once the ETF is approved, similar to the Bitcoin ETF, Ethereum will also reach its all-time high.
Ethereum is trading near the $3,500 level, and in the last 24 hours, it experienced a downside momentum of nearly 2%. If we look at Ethereum’s performance over a longer period, in the last 7 days, the price of Ethereum experienced only a 4% upside momentum. Whereas, in the last 30 days, it has remained neutral with a 0.4% momentum. © Todayq News
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