Feb. 25, 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. As an American and Illinoian, it baffles me to think countries like Canada, Brazil, Australia, Dubai, and some European countries are the world's leaders in this movement. I've heard the reasoning for not doing so is "consumer protection." Bitcoin is not a security. Secretary Gensler has said this many times. Bitcoin is a marketable digital commodity, which stems from its permissionless, immutable, censorship resistant, decentralized ledger. It's part of one of the fastest growing industries and, due to its halving schedule, incentivises first-movers. By delaying a spot ETF, the SEC is handicapping American investors, not protecting them. I urge the SEC to lead from the front and approve the conversion of Grayscale Bitcoin Trust to the first Spot Bitcoin ETF in the United States. Sincerely, Tim Niemeyer