Consensys files a petition with the SEC advocating for approval! The female stock god predicts that the probability of Ethereum spot ETF difficulty passing in May will decrease.

Recently, there have been reports that an Ethereum spot exchange-traded fund (ETF) may pass the crypto market’s attention before May 23. Recently, Blockworks co-founder Jason Yanowitz invited Ark Invest CEO Cathie Wood and 21Shares co-founder Ophelia Snyder, who jointly applied for the Ethereum ETF, to record a podcast to discuss in depth the importance of brokers for cryptocurrency and Bitcoin ETFs. demand outlook, and the likelihood of seeing altcoin ETFs such as Ethereum in the future. Among them, the two have different views on whether the Ethereum spot ETF will be approved in May.

21Shares founder is more optimistic than Cathie Wood

It is understood that the "backability of the Ethereum spot ETF approved in May may decline", it mentioned that the communication with the SEC is A Key Indicator, But Currently The SEC Has Not Communicated With Issuers: For Bitcoin, one showing sign that changes are coming to the Bitcoin Spot ETF is that we are communicating with the SEC. I think the SEC is still biding its time, perhaps working on the issues.

In addition, Wood also pointed out that the description of the “pledged” underlying assets in the application may be a key consideration for SEC approval.

Snyder believes that compared with Wood’s ARK ETF, he is more optimistic about the approval of the Ethereum spot ETF in the short term. He mentioned that the main reason for the approval of the Bitcoin ETF was Grayscale’s legal victory against the SEC, and believed that this created a precedent for the approval of the Ethereum spot ETF. Snyder further said: There are not many differences between the application documents for Ethereum and Bitcoin. They are similar in structure, custodian and disclosure, meaning the SEC has less to consider in its review, potentially speeding up the approval process.

Wood is cautious about the approval of the Ethereum spot ETF and believes that the SEC needs more time to study and consider. Snyder is optimistic about approval because of the consistency of structure and documentation, as well as the precedent of legal victory. The view that it is difficult to obtain approval requires more time to study and consider. At the same time, relevant laws, regulations and regulatory requirements need to be considered.

Consensys submitted a comment letter advocating the approval of Ethereum spot ETF

Although the SEC has not communicated with the issuer and seems to be less active, in fact, the SEC had on March 8 The potential approval tendency of the Ethereum ETF application, which asked whether Ethereum's move to a proof-of-stake (PoS) mechanism presents risks of fraud and manipulation that the agency needs to be concerned about.

Metamask wallet is a cryptocurrency wallet developed by Consensys. Someone recently responded to its trading comments, pointing out that this concern is completely unfounded, and stating that the Ethereum mechanism surpasses Bitcoin's PoW mechanism in at least some aspects of security. In addition, Bitcoin-based ETFs have been approved by the SEC for listing and trading, so it is argued that Ethereum should also be approved. Although Ethereum is currently recognized by the SEC as an ETF, it should also be approved.

Consensys’s multiple arguments in the letter include:

• Accelerating block finality: The move to PoS makes Ethereum’s transaction finality faster and irreversible .

• The verification process is decentralized and random: preventing the control of a single major shareholder and improving security through the separation of duties mechanism of proposers and provers.

• Increased cost of attack: The cost of attacking Ethereum is higher than that of Bitcoin, which reduces the possibility of the network being attacked.

• Implement a penalty mechanism: Verifiers who violate the protocol will be punished by slashing and increase the cost of violation.

• Environmental protection advantages and improved security: The PoS model is more environmentally friendly than PoW and provides enhanced security.

• Community decentralization and transparency: Ethereum has an extensive developer community and open development transparency, making the network more vulnerable to attacks.

In conclusion, ConsenSys calls on the SEC to recognize the advanced security and environmental protection features of Ethereum and support the approval of an Ethereum spot ETF.

Ark Investment reduced its holdings of US$4.16 million in COIN

Perhaps affected by Cathie Wood’s cautious attitude towards the approval of the Ethereum spot ETF, the funds ARKK and ARKW under her leadership yesterday (28 ), a total of 15,693 Coinbase shares (COIN) were reduced on the day, worth approximately US$4.16 million.

The above is the detailed content of Consensys files a petition with the SEC advocating for approval! The female stock god predicts that the probability of Ethereum spot ETF difficulty passing in May will decrease.. For more information, please follow other related articles on the PHP Chinese website!