September 22, 2018
You denied past approvals, in part, because of the lack of liquidity yet by rejecting an ETF you are blocking the mechanism that would allow a massive influx of liquidity.
Hester Peirce succinctly captures my point of view on your repeated delays in allowing a Bitcoin ETF.
I am concerned that the Commissions approach undermines investor protection by precluding greater institutionalization of the bitcoin market. More institutional participation would ameliorate many of the Commissions concerns with the bitcoin market that underlie its disapproval order.