May 31, 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. The SECs core mission is to facilitate a fair market and ensure investor protection. Although Congress hasn't properly outlined digital asset regulations, the SEC needs to stop regulating with enforcement actions and pivot toward safe digital asset investment like a Bitcoin ETF. Bitcoin is a messaging system at its core, and anything can be tokenized and represented on a digital asset Blockchain. Securities, Commodities, Currencies, Assets, Bonds, Identities, etc. To paint these with a broad brush as securities is wrong, and SEC's misunderstanding and inaction causes investor harm, opposed to the investor protection the SEC claims to provide. Make this asset available for investors, make Banks and Exchanges FDIC ensured to protect funds. Enforce Know-Your-Customer requirements on exchanges. If the investor loses money on their own investment, it should be treated according to the asset, commodity, or security the token represents. All you should do is educate them of the risks and make sure the exchanges and custodians are operating in a legal and safe manner. Sincerely, Andrew P. Steeves