MetaMask’s parent company ConsenSys urges SEC to approve Ethereum spot ETF

A federal judge in Wyoming has determined that the Federal Reserve is not obligated to grant digital asset bank Custodia access to its master account system. The decision deals a blow to Custodia’s efforts to gain direct access to the Fed’s payment systems and the US money supply, a privilege typically reserved for traditional financial institutions.

Tether, the issuer of the world’s largest stablecoin USDT, has purchased an additional $627 million worth of Bitcoins in the first quarter of 2024. This strategic acquisition has pushed Tether’s total bitcoin holdings to an impressive 75,354 BTC, surpassing the $5 billion mark for the first time.

• MetaMask’s parent company ConsenSys urges SEC to approve Ethereum spot ETF
• Custodia Bank loses lawsuit challenging Fed rejection of master account application
• Tether added nearly 8.9K bitcoin to holdings in first quarter

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MetaMask’s parent company ConsenSys urges SEC to approve Ethereum spot ETF

Their argument hinges on Ethereum’s PoS outpacing the security features of Bitcoin’s proof-of-work (PoW), which underpins already SEC-approved Bitcoin-based ETFs. With faster block finality, enhanced attack resistance, and environmental sustainability, Ethereum, as per ConsenSys, sets a new benchmark in blockchain security.

The urgency of this debate is underscored by the looming SEC deadline on May 23 for the approval or denial of spot ETH ETF applications, including those from giants like Fidelity and Grayscale. With Bloomberg analysts pegging the approval odds at 30% for May, the discourse around Ethereum’s security and regulatory acceptance is more relevant than ever. [cryptobriefing]

Custodia Bank…