May 21, 2022
Dear SEC, I’m writing to support the conversion of Grayscale Bitcoin Trust (Symbol: GBTC), currently the world’s largest Bitcoin fund, to the first Spot Bitcoin ETF in the United States. It’s unclear to me what makes this asset and asset class overall different than any other speculative asset. If the goal is protecting investors, then I would argue there are many far more opaquely managed and risky assets that are already supported in the US. Setting aside the immense economic and technical value propositions that blockchain technology bring to the US economy, it is unclear what net new or different risk is introduced to US investors by this asset class. Ponzi schemes exist in every industry, even if there are some in this market (which I don’t perceive to be the case with Bitcoin for what it’s worth) at least these would be more readily enforceable based on the traceability provided by a public blockchain. I live in Independence, Missouri by the way. Sincerely, Andrew McLaughlin -- Thanks, Andrew