May 25, 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. While I appreciate the important work the SEC does to ensure proper functioning of capital markets, the obstruction of GBTC conversion to a spot ETF is not in the interest of retail investors, and is disproportionate to the risks posed by such an ETF relative to countless other approved ETF products. Approving conversion to a spot ETF would unlock significant value for investors who have been harmed by the SEC’s reluctance to approve this conversion. It is also frankly a bit ponderous that the SEC has not taken enforcement action against numerous cryptocurrency projects that clearly meet the legal definition of a security, and yet obstructs an investment product which seeks to offer retail investors direct exposure to the cryptocurrency that is most clearly not a security. Please reconsider your current stance against approval of GBTC conversion to a spot ETF. Sincerely, Devin Crowley