May. 11, 2022
Dear SEC, I write to you as a life-long diversified and sophisticated investor. I believe that individual investors, the crypto-industry, and the financial industry all suffer from The Grayscale Bitcoin Trust being declined ETF status. I bought GBTC at fair market value but have watched my investment not only diminish with the cost of bitcoin, but additionally selling at a discount to spot BTC price, while people have moved from GBTC to other ETF products in other countries. Yes, I could use my brokerage to move my investment to their correspondent platforms in those respective countries, I give up the mobility. While I sacrifice mobility, the financial industry falls behind as people move their assets to other countries to sit. The SEC governance and oversight, while with good intentions, is exactly what is driving people away from institutions and into DeFi; and the more oversight given to a base level investor, who is in products such as GBTC, just drives hatred for the wealthy who have access to even riskier investments because...they're more sophisticated? Really, I know so many people that are accredited investors, and they know nothing. Not approving an ETF is not a protection to those who have actually taken the time to open a brokerage account and invest, it's a detriment. Will BTC become volatile, maybe, but it'll be short-lived and then level off, just like all other price activity on major announcements. You're hurting the little guy, not helping and helping the big guy, further hurting the little guy. Sincerely, Gale Williams, Oregon