Mar. 29, 2022
You need to approve a spot BTC ETF. By approving a futures ETF you have already given tacit approval to the entire ecosystem. You claim you want to protect American investors from fraud and manipulation. But previous comments about not approving a spot ETF because it would cause the spot price of BTC to greatly increase is an act of manipulation in and of itself. Why the double standard? Further, MILLIONS of americans are putting their money into products and offerings all over the world in order to gain access to this nascent market. By not giving them an approved vehicle to invest their money, your inaction is creating the very situation you claim to want to protect them from. Your inaction exposes all of us to potential fraud via hacks, rug pulls, or other shady dealings. This duplicity leads me to one conclusion. The SEC doesn't want a spot ETF because it threatens them and the existing financial systems; their wealth and power. This is not about protecting American investors as much as it seems to be about protecting the wealth of you and your friends. Mark my words. BTC has already undone the stranglehold that legacy financial institutions had on the average person. The genie is out of the bottle; it can't be put back. We won't go back. By refusing to approve spot BTC ETFs, all you do is hurt American investors. Don't try to talk to us about fraud and manipulation of markets. It is clear that is happening in plenty of other sectors, all while the SEC turns a blind eye. Everyone can point to at least one or two areas where prices are being manipulated. We want a spot BTC ETF. In fact, we want several so there is competition in the market. Please stop pretending to be on our side. Maybe I'm completely off base here. Please prove me wrong. Please approve several spot BTC ETFs. Mike McElveen