May. 10, 2022
Dear SEC, I am writing to you to endorse the approval of the application of Grayscale (Symbol) GBTC to convert to an open market spot ETF. BTC is a $750B global asset (and growing) and the United States should be leading the world into Bitcoin approval, regulation and oversight. Approving Grayscale's application would provide individual investors a simpler, safer, more efficient way to allow individual investors a more direct exposure to the asset they seek at its current value, with less manipulation potential. The SEC's earlier approval of futures based BTC ETFs, before approving an asset backed (or open market spot BTC ETF) is bewildering to me. As you know securities that are not asset backed are far less stable, provide significantly higher risk, and are subject to premium valuation to the underlying asset. This earlier decision appeared to support institutional investors instead of individual investors, which in my opinion subjects more individual investors to risk and manipulation potential than a spot market ETF for BTC. Additionally, Bitcoin's decentralized approach, and on-chain recording is far more secure, and has far less potential for manipulation than the United States Dollar, or any other FIAT based currency. Sincerely, Staramok