May. 06, 2022
Dear SEC, I write to you as a GBTC shareholder, in support of the conversion of Grayscale Bitcoin Trust (OTCQX: GBTC) to an ETF. You have approved futures-backed Bitcoin ETFs, but continue to reject applications for spot Bitcoin ETFs. By not approving this conversion, you are not protecting me, the investor – the very person you were appointed to protect. Your actions, whether intentional or not, serve to harm the individual investor - the very person you are supposed to protect, and to erode trust nationwide in the SEC. Under the last few chairmen, and especially under Gary Gensler, you have gone from a well-respected institution to one that is seen by increasing millions of Americans as a corrupt, out of touch organization that exists solely to protect the interests and wealth of insiders at the expense, and explicitly contrary to the wishes of, the individual investor. I ask you to reconsider and do the right thing. Sincerely, Mark D'Andrea