Mar. 29, 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. I'm a retired naval officer and have significant exposure from my retirement accounts in GBTC. The decision to deny US investors access to a spot ETF is not serving to protect investors. It is doing the exact opposite. This is an important asset class, and it is irresponsible for investors to not have exposure to the space. When making allocation decisions for traditional investment accounts, US retail investors have limited options. My choice is to convert my IRA to a self directed one and buy spot BTC or to pursue converting it to an offshore spot ETF. Both of these options expose me to additional risks. The SEC's decision to block any BTC spot ETF within the US, has forced US investors to take one of the two options outlined above and damaged their investment positions relative to the rest of the world. Throughout my career I have been proud to serve and protect the greatest nation on earth. The US has always been a leader in the financial world, and it saddens me to see it falling behind. Please consider the implications of these decisions and move to approve a spot ETF. This is what is in the best interest of US investors. Thanks for your time. Very Respectfully, Aaron Turner