Feb. 22, 2022
Dear SEC, Hello and good morning. I am emailing you from Duluth, Georgia in support of 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. Some of the reason you should support and allow a Spot Bitcoin ETF are below. The SEC is not protecting the little and medium sized Bitcoin investors by refusing to allow a spot ETF. The Bitcoin Futures ETF you allowed does not track bitcoin accurately. The Bitcoin Futures ETF you allowed makes it easier for the big guys to use leverage and rehypothecate Bitcoin Many other countries, including Canada, have already offer a spot Bitcoin ETF and some have made it legal tender. The US should be a leader for the everyday people. They are many other investments allowed and supported by the FED for an individual investor that are materially risker and easier to manipulate then a spot Bitcoin ETF. The SEC’s current stance seems punitive to the people and motivated to support larger institutions and/or make a political stance – neither of which the SEC should be doing. Small and medium size investors can’t open a business unit in Canada or Europe to invest in a Bitcoin ETF like big players can. GBTC would be a great Fund to be the first spot Bitcoin ETF. It has institutional investors but it also has a lot of individual investors looking for the invested funds to track the actual Bitcoin price which the SEC approved Futures ETF does a horrible job of over time. I appreciate your consideration of my request and I hope the SEC finally decides that now is the time to support a spot Bitcoin ETF. Scott Kavel