March 2, 2022
Dear SEC,
I'm writing in to support the proposal by Grayscale to convert GBTC to a spot Bitcoin ETF, because:
- the SEC has already approved a futures based BTC ETF and having a spot BTC ETF
seems to be a natural (legal) move
- it's ridiculous to deny the claim based on the grounds that there is risk of market manipulation etc since you've already approved a futures based ETF
- having a spot BTC ETF would actually reduce any market manipulation as Grayscale would likely increase it's BTC holding dramatically and control a large amount of BTC in this custody
- Grayscale is an American company and America should be at the forefront of the technology space
- I need a way to purchase Bitcoin on a US publicly traded exchange in order to invest through many of my accounts
Mr. Gary Gensler, it's time for us to approve a Bitcoin ETF. Please make the right decision.