Feb. 22, 2022
Dear SEC and Mr. Gensler, 22nd February 2022 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. It's an outrage that you have authorized a futures ETF and not a spot ETF--who is kidding who Mr Gensler?.... Fraud on the futures and commodities market is as rife as any in the securities arena if not worse? Authorizing a futures ETF has only served to promote egregious speculation. PLEASE at least be consistent and approve this spot ETF since the demand for it is REAL and BTC as a store of value is beyond proven. Every mutual fund manager is waiting for you to act including Blackrock, Fidelity and Vanguard. Please ACT and approve the Bitcoin ETF. Canada and several European countries already have. Congress is always a day late and several dollars short, but you can and should act now. The taxpayer and every involved citizen demands it. Most of the voting public under age 65 is to a man outraged by the SEC's behavior in this regard. We all know the SEC under Mr. Gensler has deliberately dragged its feet to allow Yellen and the Treasury to catch up with their CBDC plans and to allow you breathing space to regulate the stable coin arena (which quite frankly is where you should be focussing and not egregiously obstructing a spot BTC ETF), but the time for the SEC's prevarication is over. Security measures for KYC AML etc are already in place for most reputable exchanges and would be for any of these mutual fund offerings. If you stall you risk not only having huge financial resources and brain power leave the USA but screwing the American voter is never a good idea for either the SEC or congress. Voters will certainly not take kindly to seeing themselves played with as you have over the last year, quite deliberately and cynically, for self evidently ulterior reasons other than consumer safety which is a charade that you have played quite well but is wearing very thin. Kindly actin this nation's best interest and approve this spot BTC ETF. Sincerely, Sanjay Srivatsa MD PS It is interesting that within the last 3 months other nations like Russia, Brazil and India with tenuous if non-existent democracies, at least have bureaucracies that can act decisively in their nations interest as regards utilizing Bitcoin, but our nation's SEC delights in tying itself up in machinations and red tape until all our opportunities have long since gone.