Apr. 16, 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. The SEC has rejected all spot ETF applications due to concerns of manipulation. Isn’t this hypocritical when you approve futures based ETFs that actually promotes speculation and injects even more volatility? Also, why aren’t you actually providing clarity to these institutions on what you’re looking for in order to gain approval? I’m sure they’d be willing to oblige. All you do is provide very short generalized reasonings…no specifics at all. Bitcoin is the only free open 24/7 market (true supply/demand dynamics) and it’s a disservice to all Americans that you are preventing access to this emerging asset class when other countries have already allowed spot ETFs. Bitcoin is the best store of value long term and we need a spot ETF that accurately reflects Bitcoin’s market price. This is a single issue vote for me and I will vote for pro-Bitcoin politicians in the next elections. Sincerely, Peter