February 15, 2022
I support GBTC (and spot-market bitcoin funds generally) for ETF approval.
It beggars belief that the reason no ETFs based on spot-market bitcoin have been approved is because of some absurd (on the face of it) rationale that this is somehow \"protecting\" investors.
Given that GBTC is available over-the-counter, the only thing that not approving the ETF results in, is making it less convenient for citizens to invest as they choose. They are not protected from investing in bitcoin, they are merely inconvenienced in a way that free citizens should not be.
The Canadian government doesn't believe that Canadian citizens need to be protected form the convenience of spot-market bitcoin ETFs.
The SEC doesn't believe that US citizens need to be protected form the far less investor-friendly futures-market based bitcoin ETFs.
It is time to put to bed the rumor that the only reason that the SEC has not approved a spot-market bitcoin ETF is because the SEC regulates the futures market and not the spot-market, resulting in a policy based on some kind of bureaucratic turf protection rather than on the SEC's mission of protecting investors.