On the other hand, they are calling on their allies in the SEC to reject the Ethereum ETF, while the SEC is using Ethereum's transition from Proof of Work to Proof of Stake — which reduced its energy consumption by 99.99% — as the legal justification to designate Ethereum a security and thereby severely reduce the market's access to it.

"US Congressional Group ‘Disturbed’ by Crypto Mining Energy Usage" https://www.coindesk.com/policy/2022/07/15/congressional-gro...

"Democrats to SEC: Don't approve spot Ethereum ETFs and any other crypto ETPs" https://www.theblock.co/post/282846/democrats-to-sec-just-sa...

"According to a person at a company who received a recent subpoena request, the SEC’s probe of the Swiss-based Ethereum Foundation began shortly after the blockchain’s shift to a new governance model known as “proof-of-stake” in September of 2022." https://fortune.com/crypto/2024/03/20/sec-gary-gensler-ether...