Feb. 22, 2022
To Gary Gensler & the SEC, As an American taxpayer, I want a spot Bitcoin ETF approved immediately. Many well-respected investors tout a diversified approach to asset allocation and increasingly they suggest some exposure to Bitcoin. As a life long investor in equities and bonds, I’ve spent the most time of all researching Bitcoin. In fact, I’ve gone through Gary’s entire 2018 MIT online course not to mention many other sources to understand the various risks of this promising speculative innovation. I invested a bit into Grayscale GBTC since it was the most reasonably safe product offered in the US. I’ve endured more than a 25% discount to NAV due to SEC’s inability to act while other G20 nations now provide such a spot ETF option. Gary talks about investor protector a lot, but I’m feeling ripped off by a government agency that is supposed to be working for US taxpayers. This delay is a red flag for the SEC’s credibility. Is this former banker looking out for big banks and their products and interests? Is there an effort to artificially suppress BTC price, much like big bank’s ‘paper gold’ products? Without an easy spot ETF, aren’t you favoring only the technically savvy or big institutions with self-custody capabilities rather than the average investor? Aren’t there existing ETFs (bonds) that contain assets that don’t trade on retail exchanges at all? Why the inconsistencies and inaction? Having immersed in Gary’s courses I came to have a lot of respect for his deep and balanced take on Bitcoin. I now feel betrayed due to his lack of clear rationale and the SEC’s paralysis on a matter that is obvious to many. Please do the right thing. Thank you. Regards, Mr. Saldutti US citizen & taxpayer