Feb. 19, 2022
File No. SR-NYSEArca-2021-90 The American dream is dead. Killed by self centered, arrogant, money and political posts grabbing bureaucrats (“Crypto mom” being excluded from this, of course). Had there been an institution like SEC just a few hundred years ago, California would still be a barren land because poor, incompetent citizens, unable to make their own decisions should had been protected by their big, governmental papa from unregulated lands and crossing the Rocky mountains would be considered a public danger of the highest grade. I personally come from an Eastern European communist country and this new age political development is like a horror déjà vu for me. Prior to risking my life by crossing the iron curtain, I received a six month jail sentence for trading US dollars on the black market. But the black market, albeit unregulated, was the most honest and democratic exchange and everybody entering it did so with an open mind, well aware of all the risks and absolutely ready to be responsible for his or her own decisions with the only enemy being the dictatorial Big brother. Nowadays, I represent over sixty investors from four different countries who have been purchasing GBTC since the early 2018 and are angry and frustrated by helplessly watching how bitcoin and GBTC are manipulated, destroyed and constantly, systematically sabotaged by idiotic liquidations of laveraged futures the SEC so elegantly allowed thru CFTC and one ancient law dating back to the age of dinosaurs, bronterocs and senile mummies like Dimon, Buffet, Munger, Schiff and Roubini. SEC - as a symbol of total hypocrisy – has in fact never protected any investor when it did matter the most. It never protected the public from the junk bonds in 1987, never protected the public from dot.com crash in 2000 or subprime garbage in 2008; Lehman Brothers, Enron, Madoff, Theranos and hundreds of other major scams not even mentioning. Furthermore, its deliberate sabotage of bitcoin in form of allowing BTC futures in December of 2017 and especially futures ETF last October will go into history as the most pathetic attempt to destroy the biggest danger to autocracy and despotism. What a shame that financial titans like Fidelity, Galaxy Digital and many others have to cross their own Iron curtain escaping to Canada, Germany, Switzerland or to other jurisdictions to be able to either list their own spot bitcoin ETF there or to participate in another firm’s ETFs. And just to make this better understandable, here is a visual aid based only on one particular case for our lawmaking imbeciles past & present like Trump, Pocahonta, Shermann end endless others: · SEC famously succeeded in protecting the public from generating a potential profit of 17,000% by rejecting the Gemini ETF application in 2016 · SEC succeeded again in protecting the public from generating a potential profit of 6.000% by rejecting the same application in 2017 · SEC succeeded again in protecting the public from generating a potential profit of up to 800% by rejecting the same application in 2018 Mr. Gensler, try for once to stop thinking only about your own, political agenda, forget those empty and hypocritical phrases like protecting investors and public interest and put just a little bit of faith into your investing public. You might be surprised how educated, risk tolerant and responsible people they are. Like Matt Damon has already said so many times: “Fortune favors the brave”. Don’t make the US a country of backward, cowardly, pathetic snivellers. Thanks for your consideration. Libor Broucek