Apr. 07, 2022
CAUTION: This email originated from outside of the organization. Do not click links or open attachments unless you recognize the sender and know the content is safe. 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 live in Texas and am frustrated that under the guise of protecting investors the SEC is just forcing people to buy a product with extremely high management fees and no conversion options for the underlying holdings. Futures ETFs are an inferior product due to contango and have not come close to representing the actual spot price of Bitcoin. It's just hard to see how the SEC justifies not approving a Bitcoin ETF. There are gold ETFs and all of the arguments made against a Bitcoin ETF would also apply to Gold ETFs which have existed for a long time. (E.g. nobody controls the market for gold.) As someone who wants exposure in an ira, the SEC is forcing people to take on more risk and hold their own private keys. It's obvious the SEC is concerns are not actually investor protection. Sincerely, Maury McCoy