Aug. 11, 2018
I am writing in the hope that the SEC considers the benefits of a Bitcoin ETF. The benefits of emerging technologies to a country's long-term wealth have been clearly evident from past technological advancements. The United States has been a the forefront of each technological advancement for the last 150 years. This same period was where the US emerged as the preeminent economic power in the world.
It would be a tragic mistep if our country were to fall behind in terms of innovation and capitlizing on opportunities such as the one we currently have before us with digital assets.
Additionally, the CBOE/Vaneck ETF provides levels of security for investors that have not been previously offered like custody and insurance. Furthermore, the digital asset space has become such a profitable market for institutions like exchanges that more recently, exchanges that have been breached, such as Coincheck, have repaid stolen funds to clients. Their business is so profitable that it fiscally makes sense for them to take the loss themselves and cover their client's losses in order to maintain future business. In the case of the Coincheck breach, they repaid clients $425M in NEM tokens.
The space has taken huge strides in recent years as exchanges, although not as regulated as banks, have imposed stronger security practices and taken drastic steps (like Coincheck) to preserve their reputation.
Thank you for the consideration.
Article on Coincheck:
https://www.reuters.com/article/us-japan-cryptocurrency/hacked-tokyo-cryptocurrency-exchange-to-repay-owners-425-million-idUSKBN1FH03D
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Thank you,
Brian E. De Mint