March 4, 2017
Dear Commissioners,
thank you for the opportunity to express my comment on the subject.
It is easy to see that the decision you are called to rule, is concerned not only with a mere financial assessment but also influences the legitimate human request for freedom.
Before writing these lines, I red some others done by professors and well esteemed financial consultants raising serious concerns over Bitcoin market liquidity, volatility, liability to price arbitrage and manipulation, concentration of ownership; yes... they reported facts and figures that come from real records as they depicted bitcoin as an highly risky investment to the extend that consumers might be exposed to capital loss, yet they disregard the fact that Bitcoin will massively benefit and progress towards stability once SEC legitimation will be granted. Moreover it has to be noted that some of the fears they invoke, are more anecdotical than factual:
- Bitfinex and Mt Gox failures were due to private companies misconducts not to intrinsic weakness of the blockchain security
- most of the price downs and ups are caused by the perceived fear that authorities are not willing to regulate Bitcoin, as opposed to the wrong belief that Bitcoin is a Mecca for black market and illegality
Bitcoin and blockchain concepts are great, innovative and revolutionary projects that can change a lot of our current struggling financial and banking systems, create a big number of jobs, give access to financial services to a big number of people living in countries which have been denying this right for too long time now. They represent a nowadays rare opportunity to spread more freedom to people: freedom to chose different financial services, freedom to create innovative entrepreneurship with a potential which is still unknown.
Your ruling on the matter will be paramount and spearheading a new era for financial markets.
best regards
Andrea Dalla Val