Feb. 22, 2022
Dear SEC, I’m writing to support the conversion of Grayscale Bitcoin Trust (Symbol: GBTC) into a spot ETF. My thoughts on why are below: Many major countries have approved spot Bitcoin ETFs – what are we seeing that these other countries don’t? The option for risk tolerance is an individual decision. It should not be a line of “public good” that the SEC has the arbitrary right to determine. For example, the ability to borrow >100% of stock to sell short GME is NOT in the public interest so why does it exist? If Enron was a fraud, then why was it allowed to list? The individual should have the right to make up their own mind / ability to determine for themselves whether or not an investment is appropriate for them. BITO is a volatility product. It benefits not the individual but hedge funds and others who know how to use it. It does NOT help the individual consumer. If you do care about serving the public good, it is to our benefit to keep people on regulated exchanges with limited options to buy “fraud” cryptocurrencies. For example, if an individual decides to open a Coinbase account, how long is it before he/she opens a metamask account and then starts trading in frauds? Are you really helping the consumer or providing them with alternative paths to access opportunities that could be devasting over the long run? Having worked with Grayscale for many years, I do believe they would do a good job as stewards for a spot ETF product Sincerely, Steven Steven Han Sypher Capital Management