May. 06, 2022
Dear SEC, Withholding the decision to convert GBTC and other investment vehicles that track cryptocurrencies is not helpful to investors. Costs and tracking errors are too high under current conditions which proves that the investments as currently designed are not optimal for individual investors. The ETF model would allow for pricing and performance advantages that are now being outlawed by the SEC. Many investors are forced into special crypto trading accounts to gain access to an asset class they believe has long term value. This forces them to pay high transaction costs especially for the trade amounts that the average investor is able to afford. Please allow for the use of ETFs for crypto trading to improve cost, transparency and performance quality of crypto investments. Thank you for your consideration to this important need. BestRegards, Michael Alexenko, CFA