Subject: File No. SR-NYSEARCA-2024-31
From: Nathan Yang

There is no good reason to approve of the Bitcoin ETFs without also approving the Ethereum ETFs. Unlike Bitcoin, which is mostly used for speculative investing, Ethereum actually has utility and more properties of commodities. You can use it for gas to executing smart contracts. You can use it to currency to purchase other things on the network like NFTs, ENS domains, and properties. For people who actually use the Ethereum network, it's primarily a native utility token, not an investment. The network is more decentralized than Bitcoin in the sense that there is no centralized group of developers for the Ethereum client. There are at least 10 different Ethereum clients, each being developed by different communities. The Ethereum Foundation has not been directly involved in development for years. They provide only research grants now. Many members of EF are still involved in development, but that's on their own capacity separate from their role in EF. You could imprison every member of EF unjustly, and the network would still continue to both run and develop. When I use the Ethereum network, I never signed an investment contract with their developers. They are not responsible for the success of my transactions. Similarly, the validators verifying my transactions are not responsible for developing or building the network. And I didn't sign any contract with them either.