Consensys, the software behind MetaMask, has made a strong case to the Securities and Exchange Commission (SEC). They argue for the approval of a Spot Ether exchange-traded fund (ETF) and highlight Ethereum's superiority over Bitcoin in various aspects.
In its interactions with the SEC, ConsenSys pointed to the robust security measures of Ethereum's proof-of-stake (PoS) mechanism. The company says its system not only matches but exceeds Bitcoin's proof-of-work (PoW) approach security framework. This is an important claim considering the existing Bitcoin-based ETFs that have received SEC approval.
Green and efficient Ethereum
Additionally, ConsenSys highlighted Ethereum’s environmental benefits and efficient block finality. The network design includes a division of labor between participants, making attacks costly and difficult. Additionally, Ethereum's large and vibrant developer community makes the blockchain more transparent and innovative.
ConsenSys is urging the SEC to consider these factors as the debate over the approval of the Spot Ether ETF intensifies. Their petition highlights Ethereum's progress and makes a strong case for its inclusion in the ETF world. The SEC's decision is expected in May, and the cryptocurrency community is watching closely in hopes of a favorable outcome.
Also read: Fidelity enters Spot Ethereum ETF with staking feature
