Feb. 22, 2022
Dear SEC, I’m writing to support the conversion of Grayscale Bitcoin Trust (Symbol: GBTC), currently the world’s largest Bitcoin fund, to the first Spot Bitcoin ETF in the United States. It has been shocking to see the amount of ignored questions and repeated platitudes by the SEC as a growing number of investors ask the simple question of "why" a BTC spot ETF keeps getting denied. In light of the Futures ETF approvals, nobody (certainly not the SEC but not even educated commentators) has been able to put forth a reasonable explanation for these denials other than pontificating on the (1) US government's fear of legitimizing BTC in the eyes of the public and/or (2) allowing large institutions to benefit from BTC price manipulation at the expense of regular investors. Sincerely, Rick Groves