May. 10, 2022
Hello - I'm writing in support of GBTC becoming a spot ETF. Bitcoin spot ETFs becoming available on traditional US exchanges is essential to responding to market demand. It is discriminatory of the SEC to allow a futures ETF but not allow exposure to a spot ETF. The SEC had years to evaluate and respond to common-sense protections (e.g. first application for spot ETF in 2016), and it is now becoming a laggard on the world stage. The SEC is robbing people of opportunity every moment it delays; it is not the SEC's purview to discriminate in financial products. Now let's take a step back: why can I collateralize my house and throw the proceeds in some obscure derivatives market, but I don't have the option to buy a simple product like a bitcoin spot ETF with some excess cash? If we can't answer simple questions like that, then how well is the SEC serving the public? Thank you, Brady Wilkin