Jun. 18, 2022
Dear SEC: I applaud your reluctance to further expose retail investors to Bitcoin and other crypto coins by permitting GBTC to convert to an ETF. I strongly urge you to refuse grant this permission Crypto is not an appropriate investment for most retail investors. It has no intrinsic value and has no practical use as a store of wealth or medium of exchange. There is strong reason to suspect the whole industry is just a scam. I urge you to impose sensible regulation on the entire crypto industry and regulate GBTC and others like it more tightly. Please don't let it become an ETF. Respectfully, John Foley, CFP (R) Retired President of SoFi Securities