Subject: File No. SR-NASDAQ-2023-045
From: Luther

You should not approve an ETH ETP. ETH is not a commodity. It is likely a security (defined by Howey) run by a centralized entity and a borderline scam. The Ethereum foundation is the centralized entity that controls the protocol. The foundation, just pre-mined (printed out of thin air) millions of tokens, 70% of the supply at the time, and sold them in an initial coin offering (aka illegal security offering). It was sold to the public as a "world computer" but the network almost seized as soon as it got any usage for creating... crypto-kiddies (a virtual cat collectible). ETH was so badly designed that they got exploited early on (see the DAO hack). But guess what, they centrally reverted the transaction on this allegedly decentralized system. You don't have to take my word for it, they regularly push out hard forks to their centralized node infrastructure to make protocol changes. In a truly decentralized system this would not be possible. In more recent times the central planners (after modifying the issuance policy of ETH multiple times) at the Ethereum foundation changed their ambitious plans for scaling (known as ETH 2.0) to use proof of stake so they can take all these pre-mined coins that they themselves minted, into a source perpetual income, all while introducing a "burn mechanism" to in attempt to reduce the supply and pump their investment. Now the SEC is considering pumping their bags even more by approving an ETP? Don't do it! Tdlr: Ethereum is to "crypto" what Theranos was to Pharma. Bitcoin stands alone in "crypto" as the only truly decentralized network, in essence is rules not rulers. Do not approve this illegal security offering masquerading as a decentralized network.