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. It is past time to do so. Risks are more systemic to fall behind technology wise than fall prey to several scams at this point. I would like to place this product in my Roth IRA soon. My company is setting up more and more advisers to push a small allocation to crypto as an alternative asset class. Just makes sense to make it an ETF. As for the blockfi earn products and alike platforms please fast track approval as it just makes sense to become an interest and therefore a taxable investment vehicle. Thirdly, the regulated on and off ramp into crypto space is over due. The banks should be the regulated on/off ramp or likes of Coinbase. Example. I go through USD through a bank to USDC 1k. The bank should be able to have or develop software to trace wallet to wallet transactions from the regulated starting point on public blockchains. I support regulation and pay the taxes along the way. At end of day proof of work probably gets regulated differently from proof of stake. BTC becomes a commodity while the rest are clearly technology platforms. The coins are % ownership in the platform aka stocks. The tokens are the Wild West that should be regulated first. Some tokens only indicate voting rights for tokens future. The key is clarity for investor as to forcing these foundations to clearly indicate utility of coin instead of guessing for investors. Thanks! Sincerely, Jason