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ConsenSys has formally urged the SEC to approve an Ethereum ETF, emphasizing Ethereum’s Proof of Stake (PoS) mechanism’s heightened security over Bitcoin’s Proof of Work (PoW). In a public comment, they highlighted Ethereum’s resilience to attacks, noting an attack would be costlier and slower compared to Bitcoin—requiring about $34.39 billion and six months to potentially control Ethereum, versus Bitcoin’s quicker and cheaper vulnerability. This response was to the SEC’s request for insights into Ethereum’s PoS security risks, emphasizing the advanced safeguards against fraud and manipulation inherent in Ethereum’s design.
Furthermore, ConsenSys detailed Ethereum’s PoS benefits, such as faster block finality and stringent penalties for validators breaking rules, arguing these features exceed the security measures of Bitcoin-based ETFs. They called on the SEC to recognize Ethereum’s robust security measures, which surpass those of approved Bitcoin ETFs. Additionally, Coinbase also supported Ethereum ETFs in a separate letter to the SEC, asserting Ethereum is not a security and praising its effective network management and risk mitigation.
