May 26, 2022
Dear sirs, This is brief not of support for any of the spot BTC ETF’s that you might consider. I have invested in digital assets personally and professionally for many years. I have sufficient expertise to weigh the risks and opportunities of such investments and I can be prudent (if I choose) in my allocations to such. When friends and family ask me for advice on BTC or digital assets in general I am supportive of their considering an investment but the number one reason they give me for not doing it is complexity – Coinbase, Metamask, Trazor’s etc. – no one wants the hassle and registration pain points. BTW number two is figuring out the tax rules; they want their institutions to do it as few folks have time or systems to keep this organized. If you are going to let folks access digital assets, just make it simple. Let them access it through traditional accounts (Schwab, Fidelity, etc., 401k Providers etc) and provide the ability to access an ETF vehicle that keeps costs down and compliance up. Keep all the regulations and caveats that come with any other investment class, and if you want to regulate as a security do so. But I can tell you from personal experience that I don’t want to keep setting up one-off systems for friends and family to allow then to access this asset class. With all the tech available, should be simple low cost way of investing, lets not let the regulations be the impediment. With regards, paul Paul J. Weinstein General Partner Azure Capital Partners