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. Why should you support the conversion of GBTC to the first Spot Bitcoin ETF in the United States? The mission of the U.S. SEC is to protect investors, maintain fair, orderly, and efficient markets, and facilitate capital formation. Grayscale has been providing investors access to the Bitcoin Market for years and has close to $30B in BTC under management. It would be silly to allow any new entrants to come in and disrupt the market so violently as to grant them the first ETF prior to a GBTC conversion. The SEC MUST PROTECT INVESTORS including the current investors of the GBTC and those who hold BTC. Enhance the market; don’t destroy it. There are multiple ETF’s already approved in countries around the world. The USA should be an innovator and a leader NOT a watch and wait entity. How can we be a superpower if our own SEC can’t wrap their heads around how to protect investors and allow them access to THE global decentralized digital asset of the millennia? Sincerely, Michael Ost