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The anticipation surrounding the approval of an Ethereum ETF has intensified because the Securities and Exchange Commission (SEC) delves into Ethereum’s safety standing. Meanwhile, this transfer has dampened the market sentiment currently, with the market members anticipating a delay in Ethereum ETF approval.

Notably, amid considerations of a possible delay in approval, blockchain agency Consensys steps ahead, urging the SEC to acknowledge Ethereum’s superior safeguards.

Consensys Advocates For Ethereum ETF Approval

In a bid to bolster the case for an Ethereum ETF, Consensys has submitted a remark letter to the SEC, emphasizing the sturdy safety measures inherent in Ethereum’s design. The letter, shared on Consensys, addresses the SEC’s inquiry into Ethereum’s Proof of Stake (PoS) consensus mechanism and its susceptibility to fraud and manipulation.

In addition, Consensys contends that Ethereum’s PoS implementation not solely meets however exceeds the safety requirements established by Bitcoin’s Proof of Work (PoW) consensus mannequin, which has already garnered SEC approval for associated Exchange-Traded Products (ETPs). Besides, the corporate highlights a number of key options of Ethereum’s PoS mannequin, together with quicker block finality, distributed validation processes, and slashing penalties for protocol violations.

Meanwhile, the letter emphasizes Ethereum’s resilience towards assaults, citing analysis that demonstrates the considerably greater value of compromising Ethereum’s community in comparison with Bitcoin’s. Furthermore, Consensys underscores the environmental advantages of Ethereum’s PoS, which consumes considerably much less power than Bitcoin’s PoW.

Also Read: Aptos Network Buzz, Activity Surge Reflects in 48% Price Surge

Driving Progress in Regulatory Clarity

Consensys’ proactive stance in advocating for Ethereum ETF approval displays its dedication to advancing the adoption of blockchain know-how. By participating in constructive dialogue with regulatory our bodies just like the SEC, Consensys goals to pave the best way for broader accessibility to decentralized finance (DeFi) and Web3 functions.

Meanwhile, because the SEC evaluates the feedback offered by Consensys and different stakeholders, the end result of the deliberations will affect the crypto market on a broader scale. In different phrases, the end result won’t solely affect the trajectory of Ethereum’s market but in addition set precedents for future regulatory choices within the crypto house.

In navigating the advanced panorama of crypto regulation, collaborative efforts between business gamers and regulatory authorities are essential to fostering innovation whereas making certain investor safety. However, regardless of Consensys’s push, the Ethereum price was down 1.84% and traded at $3,503.43 throughout writing.

The buying and selling quantity of the second-largest crypto additionally dropped 7.55% over the past 24 hours to $12.79 billion. Notably, the ETH value noticed a excessive of $3,575.59 and a low of $3,475.73 within the final 24 hours.

Also Read: Dogecoin Whale Dumps 140 Mln DOGE As Price Takes Bearish Turn, What’s Next?

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Rupam, a seasoned skilled with 3 years within the monetary market, has honed his expertise as a meticulous analysis analyst and insightful journalist. He finds pleasure in exploring the dynamic nuances of the monetary panorama. Currently working as a sub-editor at Coingape, Rupam’s experience goes past typical boundaries. His contributions embody breaking tales, delving into AI-related developments, offering real-time crypto market updates, and presenting insightful financial information. Rupam’s journey is marked by a ardour for unraveling the intricacies of finance and delivering impactful tales that resonate with a various viewers.

The offered content material could embrace the private opinion of the writer and is topic to market situation. Do your market analysis earlier than investing in cryptocurrencies. The writer or the publication doesn’t maintain any accountability on your private monetary loss.