July 11, 2018
In response to your request for comments regarding SR-CboeBZX-2018-040 as an ETF and OTC product, I propose the following:
• We are approaching the 10 year mark since the inception of Bitcoin, and has been a shining example of a secure and unique new network. The bitcoin blockchain (the underlying blockchain, not the exchanges or wallets that connect to it) has only ever been compromised once in 2010 and was corrected without incident via a fork.
• The real security risks currently are not within bitcoin, but in the exchanges and wallets that host them. There is still a learning curve to best practices, and it's easy to lose coins for people new to the tech.
• A bitcoin ETF would not only remove the barrier of difficulty by allowing investors to use their trusted brokers to purchase, never having to hold the coins themselves.
• I believe that collaboration between the cryptocurrency community and the SEC is of paramount importance due to the unique questions that surround us currently. CBOE is a trusted institution and their plans are in the interest of the investors - this seems like a chance to lend some clarity to a space in need of rapid de-murkification.
Thank you for your consideration. God bless america.