Apr. 3, 2024
SEC, Thank you for considering public comment in regards to the potential ethereum spot ETFs proposed. I believe that approval will be paramount for investor security, technological innovation, decentralization of power and data, as well as consistency within the SEC. Investors and people who believe in the underlying technology of ethereum without a high level of technological sophistication are currently lacking in trust and security and are a simple hack or identity theft away from losing their assets and yet there is still a strong desire for American citizens to hold these commodities regardless. Approving a spot Ethereum ETF would give those that are technologically vulnerable a place to securely buy and hold these assets without that risk. Protecting American investors is the paramount role of the SEC and it would be exceptionally counter intuitive not to approve something with the potential to protect so many Americans. Further, the United States needs to return to fostering innovation. Approving these ETFs will not only be a step forward in incentivizing innovation in the USA, as the overwhelming majority share of development and innovation in decentralized blockchain technology takes place on ethereum, but will also help provide the groundwork to massive technological infrastructure. More access to this commodity will ultimately provide broader exposure and, in kind, more decentralization. Also, the staking element included within Fidelity's proposal not only provides for an exceptionally attractive yield bearing product for American citizens, but also helps secure and decentralize the Ethereum network itself, and by extension, all layer 2 supplementary networks and may very well ultimately be a key component in a secure and decentralized future web 3.0 based economy. Finally, I would also question the legality in rejecting the proposed ETFs as Ethereum ETF futures have already been approved and possess much more potential for manipulation of the underlying asset and believe approval would show consistency with the SEC's decision making and validate their role as a protector of the American investor. Sincerely, Patrick Turley, MBA