Feb. 23, 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. I am a Washington State resident, and I have been working in the investment management business for 28 years, holding a Chartered Financial Analyst® designation for the past 23 years. I've worked on 40-Act products for over 15 years in my career, and have functioned as a Portfolio Manager and Director of Research for a small $4bn AUM Registered Investment Advisor in my career history. I am writing to weigh-in on this subject matter, and I believe it is in the interest of the United States to be on the forefront of creating a platform-Country that encourages the development of the world's next-generation Internet and Network. I strongly believe that to cede that opportunity to another competing Country would put an unnecessary headwind to our economic development for years to come. In my view, this is far bigger than watching Vanguard deciding to work with Canada on its product. I would encourage the SEC to think of it more in terms of forfeiting a next-gen Silicon Valley-like economic opportunity that would impact most every industry and sector over the next several decades. The SEC is in a position to make this decision and lead the policy and regulatory confusion and misunderstanding on the issue, and set the stage for welcoming decades of job growth and development in this new and important industry. Thank you for your time and consideration, and all of your hard work on these matters. Sincerely, Tony A. Scherrer, CFA