Feb. 22, 2022
To whom it may concern, Imagine being a small business that wants direct exposure to bitcoin but can only do so by navigating the massive barriers and headaches of self custody. It is a major hassle trying to apply for a corporate wallet with an exchange, not to mention the accounting acrobatics required to hold bitcoin on the balance sheet. That is the boat many businesses around the country are in because of the SEC's refusal to approve a spot ETF. A futures ETF is insufficient and altogether less safe for the average investor because of its more complicated underlying system. As a result, more investors are piling into futures ETF's despite no understanding whatsoever of what a futures contract even is. The lack of spot approval promotes risky behavior by encouraging investors to put their money into investments that they don't understand. If you want investors to be able to make informed decisions, and provide fair financial opportunities to the general public then approving a spot ETF is the way to go.