July 14, 2018
Dear SEC,
While a nascent technology, an ETF would bring Bitcoin out of the hands of private and unregulated exchanges towards public and regulated exchanges. It would greatly help investors to diversify while adding much needed investor protection. Purchase experience, liquidity as well as regulation will be improved. As the ETF market is accounting for a large share of private holdings, helping private investors with their investment activities is whats needed. Furthermore, this would help to legitimize blockchain as a technology. There is no blockchain without Bitcoin. Its gametheoretical economics is whats keeping its public ledger running for almost ten years. An ETF will ensure that investors dont miss out on this technological revolution. Moreover, it will ensure that the US stays at the forefront of the global financial system and doesnt fall behind other nations. The capital that an ETF would attract to the US is substantial and would greatly benefit the US. These benefits will be most predominant for the first mover. As I believe in free markets, I strongly believe that the US should not shy back from financial innovation but rather foster and nourish it. In the end, its a question of who will be first. Will the SEC help investors to be first in the US or hinder them and thus force them to go abroad with their capital? Also, will the US enable young people, like myself that have close to zero interest in stocks and bonds, to participate in the global financial system or do you think through hindering us you will make us move abroad?
The world is global. Your investor base is too. Act boldly or be left behind.
Thank you very much for your consideration.