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Consensys has emphasized that Ethereum’s developer community surpasses Bitcoin’s, and its transparent blockchain minimizes fraud risks. Responding to the SEC’s concerns regarding potential fraud and manipulation in Ethereum’s proof-of-stake system, particularly in spot Ether exchange-traded funds (ETFs), Consensys stated that such worries are unfounded.

 

 

 

In a comment letter to the SEC, Consensys, known for the MetaMask wallet, dismissed concerns about fraud and manipulation, highlighting Ethereum’s security measures. According to Consensys, Ethereum’s proof-of-stake (PoS) implementation exceeds Bitcoin’s proof-of-work (PoW) security, which backs Bitcoin-based ETFs already approved by the SEC.

 

 

 

Consensys pointed out Ethereum’s advantages, such as quicker block finality, stakeholder dominance deterrence, higher attack costs, penalties for validator rule violations, and superior environmental sustainability compared to Bitcoin. Consensys urged the SEC to recognize Ethereum’s superior security features, emphasizing its larger developer community and transparent blockchain. The approval of a spot Ether ETF in May remains uncertain, despite the popularity of spot Bitcoin ETFs.

 

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