Subject: File No. SR-CboeBZX-2023-028
From: Marcus A E

The SEC should view approving a BTC ETF as a matter of national security because bitcoin mining represents the most direct value capture of energy utilization. There are important implications for our already stressed power grid, surplus energy in other places, and reliance on fossil fuels as an energy source. ERCOT has demonstrated how helpful bitcoin mining on US soil can be during consumption surges. Surplus energy has been converted to value in places like the northeast. Eventually, bitcoin offers the best incentive to invest in green energy because of the direct and transparent value capture of a mining operation. Support for more bitcoin investment, vis a vis the ETF, is in effect support for the miners. The BTC Spot ETF from ARK (and others) will enable a wide range of regulated capital allocators to offer customers a seamless way to invest in bitcoin. Bitcoin represents an alternative asset in contrast to gold and silver that will be bought and leveraged by other economies in the world. It would be far better for the US economy to adapt and adopt a bitcoin strategy where there is some oversight, rather than a flatfooted posture that results in overregulation and stymied innovation.