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Ethereum Upgrades to More Sustainable PoS Consensus on Testnet

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Ethereum Successfully Completes Shapella Upgrade On Sepolia Testnet

• Ethereum (ETH) successfully locked the Shapella upgrade on its Sepolia testnet at epoch 56832.
• This upgrade brings a major change to Ethereum validators as they can now withdraw their staked ethers from the Beacon Chain.
• The crypto industry faces regulatory uncertainty due to stringent frameworks, which could pose a threat to the US being a financial hub.

Proof-of-Stake Consensus Mechanism

The Ethereum network is in the process of transitioning to the proof-of-stake (PoS) consensus mechanism, replacing the power-thirsty proof-of-work (PoW). PoS is expected to be more energy efficient and sustainable than PoW, making it a better alternative for global regulators who disapprove of PoW due to its negative impact on the environment.

Withdrawable Staked Ethers

The Shapella upgrade enables Ethereum validators to withdraw their staked ethers from the Beacon Chain to the execution layer. This is an important development for validators as they can now access their staked ethers. Furthermore, this update introduces new features that improve performance across both layers of consensus and execution.

Regulatory Uncertainty

Despite progress with upgrades, there is still regulatory uncertainty surrounding Ethereum and other PoS blockchains due to Kraken’s $30 million settlement with the SEC earlier this month regarding unregistered securities issued through its staking program. This has caused concerns among major staking service providers such as Lido Finance.

Crypto Regulatory Frameworks

Coinbase Global Inc CEO Brian Armstrong has warned that if regulatory frameworks remain stringent in the US, it risks losing its status as a financial hub in relation to cryptocurrency activities. This highlights how important it is for regulators across all jurisdictions to consider how their regulations will affect crypto industries before implementing them.

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