Subject: File No. SR-NYSEArca-2021-90
From: Jay Polshuk
Affiliation:

Feb. 22, 2022



Dear SEC,
I'm writing to support the conversion of Grayscale Bitcoin Trust (GBTC),
currently the world's largest Bitcoin fund, to the first Spot Bitcoin ETF in
the United States.

The APA requires the SEC to treat like situations alike absent a reasonable
basis for different treatment. This means the SEC must treat similarly
situated investment products similarly. Bitcoin ETF products - Bitcoin
futures-based ETFs registered under the '40 Act and Bitcoin spot-based ETFs
registered under the '33 Act - are an example of two like situations that
should be treated alike.

Prior to this year, Bitcoin ETF applications were treated alike: the SEC
denied both futures-based and spot-based ETF applications, citing the
potential for fraud and manipulation in the underlying spot Bitcoin market.
Because both types of ETFs are priced based on the same underlying Bitcoin
market, it's intuitive then that the SEC would deny both types of ETFs,
given their concerns.

As it stands, the Bitcoin ETF landscape is unfair and discriminatory against
GBTC shareholders and all of the other U.S. investors looking for an
accessible and efficient way to gain their Bitcoin exposure. Fortunately,
the Administrative Procedure Act exists to address situations just like this
one - to govern the process by which federal agencies develop and issue
regulations, ultimately to protect the American investor.

Best regards,

Jay Polshuk
GE Healthcare