Ethereum is more secure than Bitcoin, Consensys argues in plea for ETF approval
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The comment letter highlighted key reasons the SEC should go ahead and grant approval. Consensys insisted that Ethereum's transition to PoS enables provable transaction finality, ensuring that blocks are irreversibly confirmed in a shorter time frame compared to PoW systems. Its PoS model involves segregated roles for block validators, which prevents concentrated control. This, it claims, mitigates the risk of manipulation and adds an extra layer of security. The other consideration about its classification was also addressed, who believes that an Ether-based spot ETF could still be launched even if Ethereum ends up being labeled a security.The Web3 software company says Ethereum's Byzantine fault tolerance is higher than Bitcoin's.
Consensys makes a passionate appeal to the regulatory body ahead of the possible approval by stating, “We urge the SEC to recognize the advanced safeguards inherent in Ethereum’s design, which not only meet but exceed the exemplary security and resilience safeguards underlying Bitcoin-based ETPs that have previously been approved by the SEC.”, stakeholders anticipate a decision in the coming months.
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