Feb. 26, 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. The SEC is supposed to ensure that US citizens have access to fair and open markets. The current stance by the commission to not allow a spot bitcoin ETF is ensuring that many of us don’t. Bitcoin can and will be a transformational technology and we should have access via a spot ETF. Quite honestly, the approval of a futures ETF but not a spot product, gives the outward impression of corruption in the SEC. The futures product does not accurately reflect the price behavior of bitcoin, it has an inherent churn that insures a loss of return to unit holders but insures guaranteed return for the firms offering the product, at the expense of investors. It is also ripe for manipulation by the big money players, that are so often favored by the SEC, because the number of futures contracts doesn’t need to correspond to the actual amount of bitcoin in existence. I urge you to approve the conversion of GBTC to a spot bitcoin ETF for the protection of free and open markets, and to restore some semblance of confidence in the SEC and our financial systems. Sincerely, David M.