Feb. 8, 2022
Dear Sir and/or Madam, I strongly support approving a Spot Bitcoin ETF. Reasons: 1. Regulation makes it safer for investors. Regulation also increases SEC’s power (vs other govt agencies) in relation to all digital asset power grab 2. I have invested in the Canadian Spot ETFs since launch and I would shift my investments to the US 3. Further improve price discover of Bitcoin market 4. Spot EFT offers more protection for investors compared to GBTC. GBTC more easily manipulated 5. Spot EFT more difficult to manipulate compared to Futures ETF 6. Futures ETF benefits financial institutions with fees more that investors 7. Does the US want to be the global leader in financial products? 8. GBTC discount is a joke. Investors are all at the mercy of Grayscale who have conflict of interest because of management fees and will not close the discount gap. All investors are stuck 9. Bitcoin blockchain is completely transparent. Not possible to manipulate without getting caught. Compare this to ETFs that hold smaller public companies which are easy to manipulate 10. I can list more reasons but I think these are sufficient Best regards, TAN Cheng Teik