Apr. 26, 2022
To Whom it concerns at the US SEC: I am writing to express my support for a SPOT based ETF for GrayScale. I am also writing to express my concern that the Bitcoin cash settled futures ETF products, which the SEC has already approved, are much more susceptible to manipulation AND are a much poorer financial vehicle than is a SPOT ETF. By approving cash settled futures products, you have created essentially a betting market for those who are outside the actual game of real supply and demand. This, in turn, does NOT protect the investors, as you are charged to do. In fact, as the futures based roll over month to month, the consumer is needlessly hurt more by the time decay associated with the futures products compared to a SPOT ETF. GRAYSCALE already controls the largest amount of actual BTC of any single entity, and should absolutely be in the top position to be the first SPOT ETF in the USA. So many other countries already have a SPOT ETF. They are working fine. These countries are offering their citizens a much better product than the SEC is currently offering the United States citizen. NOT approving a SPOT Bitcoin ETF in the USA doesn't reflect positively upon the SEC, and it makes investors question WHY? Why subvert supply and demand? Why have inferior futures based products that decay with time? This delay has gone on too long. Sincerely, Sami Kassab