Mar. 29, 2022
Please accept these comments in support of the approval of the Grayscale Bitcoin Trust to an ETF. I write as a consumer and investor and feel that SEC regulatory approval is critical at this time to introduce a framework which will both bring cryptocurrencies into the mainstream, and provide appropriate SEC (and other regulatory) oversight into the cryptocurrency space, and this will begin the long process of flagging other regulatory necessities, so that this fledgling field can grow to its fullest potential, within an investor-protective context, with right supervision and guidance. Reasons to support a BTC ETF: Easy and trustable access to BTC for inexperienced retail investors Avoidance of easily committed errors related to storage of BTC and the real risks of loss of funds for investors not familiar with the requirements for crypto storage and the easy ways that funds can be erased, pilfered, or lost forever Funds can be readily traded from brokerage accounts in liquid markets and readily assessed for tax liabilities by investors and the UST. Competing products have been approved in Canada and Europe Grayscale has the largest BTC Trust holdings and has done a remarkable job navigating a nascent industry since the start Present investors will likely benefit in erasure of the discounted assets inherent in the present turst structure Concrete reasons for delaying this approval should be disclosed for public view and comment, even if these are nuanced and "difficult" regulatory points. Through such disclosure, the entire picture can be seen by all stakeholders and interested parties, and best solutions will come forward. Thank you, Andrew Jonathan Dorfman MD