May. 06, 2022
Ladies and Gentleman of the SEC, I write to you as a GBTC shareholder, in support of the conversion of Grayscale Bitcoin Trust (OTCQX: GBTC) to a spot-BTC ETF. Last year, you approved futures-backed Bitcoin ETFs, but continue to reject applications for spot Bitcoin ETFs. Given that investors use both vehicles to gain exposure to the same underlying asset, Bitcoin—from which both vehicles derive their prices—we, as investors, should be able to choose if we’d like direct or futures-based exposure to that asset. Otter countries, Canada for instance, have already approved a spot-Bitcoin ETF. Why does the US continue to lag in financial innovation? From my perspective, the barriers always appear to be to protect legacy financial institutions (banks, brokerages, insurance companies, exchanges, etc). Obviously a spot-cryptocurrency ETF would rob trading volume and assets from stock ETFs. I am sure the SEC is getting pushback from their corporate overlords in this subsector. Please think about what is best for the public and individual investors and not what is best for your future job opportunities once you leave the Commision. Please approve the GBTC conversion. I’m writing from Washington, DC with gratitude for the opportunity to express my view and with the hope that you will approve this conversion and protect the interest of investors. Sincerely, Richard R. Weston Individual Investor