Jul. 24, 2025
To Whom It May Concern, I am writing to formally oppose Notice of Filing of Proposed Rule Change to List and Trade Shares of the Bitwise Dogecoin ETF under Notice of Filing of Proposed Rule Change to List and Trade Shares of the Bitwise Dogecoin ETF under NYSE Arca Rule 8.201-E (File No. SR-NYSEARCA-2025-19): While I appreciate the SEC’s role in regulating financial markets, I believe approving a Dogecoin ETF would be detrimental to both the Dogecoin community and the broader cryptocurrency ecosystem.An ETF Undermines Dogecoin’s Core Ethos Dogecoin was created as an open, decentralized, and community-driven digital currency, free from the constraints of institutional control and speculative financialization. A Dogecoin ETF contradicts this ethos by placing Dogecoin under the management of centralized financial institutions, removing it from the hands of the community, and subjecting it to Wall Street’s speculative manipulation.Risk of Market Manipulation and Price Distortion Dogecoin has an inflationary supply model designed to encourage spending rather than hoarding. A Dogecoin ETF could distort this fundamental economic principle by introducing artificial scarcity through institutional custodianship, leading to unnecessary price volatility, price suppression via cash-settled derivatives, and further consolidation of Dogecoin’s supply into the hands of a few institutional actors.No Real Benefit to Dogecoin Adoption Dogecoin already has one of the simplest onboarding processes of any cryptocurrency. It can be easily acquired, transferred, and spent without the need for an intermediary. A financialized ETF structure does nothing to support this utility and instead turns Dogecoin into a mere speculative asset detached from its real-world purpose.The Risk of Institutional Capture and Loss of Decentralization Dogecoin remains a truly decentralized cryptocurrency. The introduction of an ETF threatens this decentralization by allowing large institutions to amass significant portions of Dogecoin’s supply under management. This opens the door to governance risks, including undue influence over network upgrades, changes in monetary policy, or coordinated attacks on the network through financial instruments such as short-selling.ETFs Encourage Hoarding and Harmful Market Practices Unlike Bitcoin's "digital gold" narrative, Dogecoin functions as a digital currency. A currency's primary benefit is circulation, not stagnation. ETFs encourage hoarding, make Dogecoin subject to wild price swings via fiat market shorting, and make it harder for Dogecoin to function as a proper digital currency.ETFs Extract Value While Adding Risk ETFs bring no feasible value to Dogecoin. Their primary function is to allow external, uninterested third parties to extract value while increasing risk, uncertainty, and harm to those actually using Dogecoin as intended.Dogecoin is Permissionless Dogecoin is a protocol. Dogecoin is permissionless. The SEC should not be involved in determining how Dogecoin is used in the market.ETF Structure Centralizes Dogecoin and Ties It to the Fiat System As one commenter stated: "I’m just a dumb stock trader, but this makes $DOGE centralized and a security tied to the fiat system. Like I said, I'm a dumb trader."ETFs Contradict the Ideals of Crypto No one who believes in Dogecoin as "the people's currency" should support ETFs. ETFs are a product of the fractional reserve, centralized debt-driven fiat system. They contradict the fundamental principles of cryptocurrency. The first rule of crypto: "Not your keys, not your coins."Dogecoin's Circulation Matters Most Dogecoin is a currency, and circulation and usage should be paramount. This ETF proposal stifles that.Community Input and Opposition In preparation for this official comment, I publicly posted on X (Twitter) about my intent to submit an opposition statement and invited members of the Dogecoin community to contribute their thoughts. Many supporters of Dogecoin echoed concerns about how an ETF would negatively impact the currency's decentralization, usage, and long-term sustainability. Their collective feedback reinforced the points outlined in this letter and underscores the broad opposition within the community against this proposal.Ð1 = Ð1Conclusion: Reject the Dogecoin ETF Proposal For these reasons, I strongly urge the SEC to reject this proposal. A Dogecoin ETF is not only unnecessary but actively harmful to the principles that make Dogecoin unique. Approval of such a product would serve only institutional interests while undermining the organic, community-driven nature that has made Dogecoin a true people's currency. Thank you for your time and consideration.Sincerely, --