The female stock god predicts that the probability of Ethereum spot ETF passing in May will decrease! Consensys files petition with SEC arguing for approval

The website 120BtC.coM reported that VanEck’s final approval deadline focused on the encryption market. Recently, Jason Yanowitz, the founder of Blockworks, invited Ark Invest CEO Cathie Wood, who jointly applied for an Ethereum spot ETF, and Ophelia Snyder of 21Shares to record a podcast to discuss in depth the importance of cryptocurrency adoption and the demand prospects for Bitcoin ETFs. , and the possibility of seeing altcoin ETFs such as Ethereum in the near future. Among them, the two have different views on whether the Ethereum spot ETF will be approved in May.

21Shares founder is more optimistic than Cathie Wood

According to Wood, the likelihood of the Ethereum spot ETF being approved in May “may be reduced”, and he mentioned that communication with the SEC is A key indicator, but currently the SEC has not communicated with the issuer: For Bitcoin, one showing sign that changes are coming to the Bitcoin Spot ETF is that we are communicating with the SEC. I think the SEC is still biding its time, perhaps working on the issues.

In addition, Wood also pointed out that the description of the “pledged” underlying assets in the application may be a key consideration for SEC approval.

At the same time, Snyder is more optimistic than Wood about the short-term approval of the Ethereum spot ETF. He mentioned that the main reason for the approval of the Bitcoin ETF was Grayscale’s legal victory against the SEC, and believed that this created a precedent for the approval of the Ethereum spot ETF. Snyder further emphasized: There are not many differences between the application documents for Ethereum and Bitcoin. They are very similar in terms of structure, custodians and disclosures, meaning the SEC has less to consider when reviewing, potentially speeding up the approval process.

In summary, Wood is cautious about the approval of Ethereum spot ETF and believes that the SEC needs more time to study and consider. He was critical of the approval because of the consistency of the structure and documentation, as well as the precedent of legal victories. The rule of thumb for gaining approval.

Consensys submitted a comment letter advocating the approval of the Ethereum spot ETF

The SEC has not yet communicated with the issuer and seems to be not active enough. But in fact, the SEC requested public comments on the approval of the Ethereum ETF application on March 8, in which it asked whether there were deficiencies and operational risks in Ethereum's shift to a proof-of-stake (PoS) mechanism that the agency needed to pay attention to.

In response to this, Metamask wallet developer Consensys submitted a comment letter yesterday (29th) in response, stating that this concern is completely unfounded, and stated that the Ethereum PoS mechanism even surpasses it in some aspects of security. Bitcoin’s PoW, and ETFs based on Bitcoin have been approved by the SEC for listing and trading, so it is advocated that the Ethereum spot ETF should also be approved.

Consensys’s multiple arguments in the letter include:

• Accelerating block finality: The move to PoS makes Ethereum’s transaction finality faster and irreversible .

• The verification process is decentralized and random: preventing the control of a single major shareholder and improving security through the separation of duties mechanism of proposers and provers.

• Increased cost of attack: The cost of attacking Ethereum is higher than that of Bitcoin, which reduces the possibility of the network being attacked.

• Implement a penalty mechanism: Verifiers who violate the protocol will be punished by slashing and increase the cost of violation.

• Environmental protection advantages and improved security: The PoS model is more environmentally friendly than PoW and provides enhanced security.

• Community decentralization and transparency: Ethereum has an extensive developer community and open development transparency, making the network more vulnerable to attacks.

In summary, ConsenSys calls on the SEC to recognize the advanced security and environmental protection features of Ethereum and support the approval of an Ethereum spot ETF.

Ark Investment reduced its holdings of US$4.16 million in COIN

Perhaps affected by Cathie Wood’s cautious attitude towards the approval of the Ethereum spot ETF, the funds ARKK and ARKW under her leadership yesterday (28 ), a total of 15,693 Coinbase shares (COIN) were reduced on the day, worth approximately US$4.16 million.

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