May. 06, 2022
To the S.E.C, I'm writing to request the S.E.C. move forward in allowing Grayscale to convert the Grayscale Bitcoin Trust (GBTC) to an ETF. An ETF will allow retail investors like myself to invest in Bitcoin with lower overhead than the current trust, and more closely follow the actual value of Bitcoin. I do not see the value of a Bitcoin futures ETF for retail investors. I don't understand how the SEC approved a Bitcoin futures ETF with all its hazards for retail investors, but cannot approve this Bitcoin spot ETF. The rest of the world is ahead of the United States in recognizing Bitcoin as an investment. Including Canada, most of Europe, and Asia. I want to know why the SEC seems willing to harm U.S. investors in the case of this Grayscale conversion. As well as others related to Bitcoin and DEFI investments, such as the Ripple case currently before the court. What is the mandate of the Security Exchange Commission? Sincerely, William Allen