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Sujit Kumar
Mar 30, 2024

Consensys Urges SEC to Recognize Ethereum's Superiority Over Bitcoin

Consensys Urges SEC
In a public letter to the SEC, Consensys, a blockchain software development company, underscores Ethereum's positive attributes compared to Bitcoin, in response to concerns raised by the SEC regarding Ethereum's proof-of-stake (PoS) consensus mechanism. Consensys contends that Ethereum's PoS implementation offers superior security features to Bitcoin's proof-of-work (PoW) mechanism, which has already secured approval for bitcoin-based ETFs.

Consensys highlights Ethereum's faster block finality, segregation of duties between proposers and attesters to prevent large stakeholder control, higher resistance to attacks, penalties for protocol rule violations, and eco-friendliness compared to Bitcoin. Moreover, Ethereum boasts a larger developer community and complete transparency, further strengthening its case for SEC approval.

Consensys urges the SEC to acknowledge Ethereum's advanced safeguards, asserting that they not only meet but exceed the security standards underlying Bitcoin-based ETFs already approved by the SEC. Despite the popularity of spot bitcoin ETFs, the approval of a spot Ethereum ETF in May remains uncertain, with Bloomberg ETF analysts estimating approval chances at approximately 30%.

 

Disclaimer:The views and opinions expressed in this article are for informational purposes only and do not constitute financial, investment, or other advice. Investing in or trading crypto assets comes with a risk of financial loss. 
Consensys Urges SEC to Recognize Ethereum's Superiority Over Bitcoin
Sujit received his Bachelors in Science from the LNMU Darbhanga. He is currently working as a Content Strategist. He has more than three years of professional experience in information systems, security policies, technologies, and Cryptocurrency. He has published 6 books in the area of information security and assurance. He has published more than 50 research articles in leading journals Regarding the Latest and Breaking Crypto News and updates. His research interests include access control, computer forensics, Digital Marketing, Web development, business hacks, player experience, and virtual storytelling.

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