Feb. 23, 2022
Dear SEC, I'm writing to support GBTC to convert to an ETF! In addition, I support your approvals of other qualified BTC spot ETFs in the pipeline. To me this is a no brainer, but since we might from different worlds, let me elaborate a little bit: Innovation is the key to the sustained success of the USA financial service sector. Don't be fooled by the current dominant role the USA is playing. Without wholeheartedly embracing technology breakthroughs, we may be left behind - Canadian, and others have approved BTC spot ETF. Don't call your colleagues in these countries foolish, they are not! They are eating our cakes. As a new migrant from China under the CCP regime, I know how CCP hates the freedom people there can enjoy from BTC and other cryptocurrencies. Freedom that people in the free world take for granted, e.g., the freedom to exchange foreign currency. Sadly on this front, the USA is not only slow but also seems to take a similar approach like CCP - this is only my personal feeling and sorry if it hurts your feelings. The Joke in the cryptocurrency circle is that the USA is listed alongside North Korea that innovative DeFi protocols don't want to support. What a black humor, but a sad reality! When I read the previous SEC rejections regarding BTC spot ETF, I think the reasoning is far from reasonable. To me, BTC future price depends on BTC spot price, but SEC has confidence in BTC future price by approving BTC future ETF while refusing BTC spot ETF, by saying BTC spot price is "manipulatable". Though from a department interest, or selected interest group perspective, it is fairly easier to understand as BTC is a far more sound asset class that will definitely touch/hurt the established interests. Considering 20+% population owns BTC or other cryptocurrencies, it is time to think which side SEC wants to pick: giving more freedom to the general hardworking USA citizens or protecting the established interest groups. Financial freedom is a vital part of freedom, And this country is the land of the free and the home of the brave. SEC has a huge responsibility and historical role in embracing technical breakthroughs, and enhancing the freedom of the citizens and civilization here in the US and the world. Make the right choice! Best regards, Dong Liu