SEC is being contacted by ConsenSys to approve an Ethereum ETF

In a formal request, ConsenSys emphasized the greater security of Ethereum's Proof of Stake (PoS) mechanism over Bitcoin's Proof of Work (PoW) and encouraged the SEC to authorize an Ethereum ETF. They emphasized Ethereum's resistance to attacks in a public statement, pointing out that an attack on Ethereum would be more expensive and time-consuming than on Bitcoin—it would take roughly $34.39 billion and six months to possibly take control of Ethereum, as opposed to Bitcoin's speedier and less expensive susceptibility. In response to the SEC's request for information about Ethereum's proof-of-work security vulnerabilities, this statement highlighted the sophisticated defenses against manipulation and fraud that are built into the platform.

ConsenSys also outlined the advantages of Ethereum's proof-of-work (PoS), claiming that these features outweigh those of Bitcoin-based exchange-traded funds (ETFs). These advantages include quicker block finality and harsher penalties for validators who violate the rules. They demanded that the SEC acknowledge Ethereum's superior security safeguards compared to those of Bitcoin ETFs that have been approved. In a different letter to the SEC, Coinbase further backed Ethereum ETFs, claiming that Ethereum is not a security and lauding its efficient network management and risk reduction.