Feb. 19, 2022
I write to request that the SEC approve the proposed GTBC listing as a spot-based ETF. The time has come to end this long delay. BTC has become a major investment category for scores of millions around the globe, and the laggard US regulations are holding Americans back from a popular and needed form of investing in this asset class. The world is moving ahead and the SEC is risking giving up American leadership in this field, losing business and prestige in the face of advancements in financial regulation in Canada, the European Union, and Great Britain. The current regulations are hurting U.S. investors. Limiting investments only to futures-based ETF’s is not appropriate, and the spot ETF will permit a much more accurate reflection of the actual price movements of this important asset. True price information is a sign of a healthy market. A spot-based ETF will meet the needs of the very large number of institutional investors and funds whose charter requires that they invest in SEC approved funds. More importantly the spot ETC offered by Grayscales’ GTBC ETF conversion would open the doors for scores of millions of US citizen’s retirement accounts in tax protected 401-K’s and IRA funds. These people are generally unable to invest in the Canadian or European spot BTC funds, and the US futures-based ETF’s are inadequate and inferior alternatives. Your delay in approving this Grayscale GBTC ETF is hurting American investors and American retirees. It is not good policy to restrict the investment choices of so many citizens, who may be seeking a strong alternative to conventional inflation-protection assets. I urge the SEC to approve this rule change immediately! We need GTBC spot-based ETF now! Respectfully submitted Ted Hearne