May. 06, 2022
Regarding GBTC conversion to Spot ETF: It is frankly inane that only a futures ETF has been approved. This has the effect of effectively punishing investors in GBTC by creating a discount to the price of bitcoin. There is no risk in this market outside of regular investment risk. Bitcoin is the most transparent ledger in the world, there is no hidden activity, no panel of "experts" that create its monetary policy (does that sound familiar?) Your supposed reasons for continuing to delay on this issue and decline applications for spot ETFs are nonsensical. Perhaps internally you all should listen to Commissioner Peirce. I believe she has some insight that could really help you all.