Apr. 02, 2022
Hello SEC, I would like to submit my views for your consideration towards approving the application(s) for spot ETF for crypto currencies. In case SEC has concerns for protection of investor's interest then all related products such as ETPs which have crypto as underlying asset and traded in exchanges across US should not have been allowed but they exist. Establishing rules or framework which the fund manager has to operate for spot ETF on Bitcoin (or other crypto assets) should be laid rather than declining the approval. How is the risk not there for ETF on futures, maybe i do not understand it well but the key thing is that by rejecting the product is not helping anyone and atleast not the investors as they are looking at ETPs or going to exchanges other than US where there are ETFs on spot. The fund managers should be held responsible for transparency and controls to ensure investors' interests are protected but not allowing a product altogether does not seem right. SEC needs to clearly define the basis for not allowing ETF with Bitcoin (and other cyrpto assets) as underlying. Thank you for your attention. MK