Mar. 03, 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. Bitcoin is already considered a commodity. There is greater government oversight with an ETF compared to self custody or using an exchange. Many account balances at certain exchanges may even be unable to be fulfilled due to more claims on spot Bitcoin than is truly available at the exchange. It would be much easier for tax purposes, reporting, and revenue for the IRS. If the SEC is willing to allow for triple leveraged ETFs and fee- gouging securities, then it should drop the paternalism and and allow for a spot Bitcoin ETF, grayscale or otherwise. Join Singapore, Canada, and European countries in approving a spot Bitcoin ETF. Be on the cutting edge of American exceptionalism through financial innovation. Thank you for enhancing investor protection. Sincerely, Dr. Bryce Johnson