March 9, 2017
To whom it may concern in the SEC,
I wanted to take a moment to plead for the approval of the COIN ETF tomorrow. This ETF removes barriers of entry for interested investors AND simultaneously provides a safer alternative for investors who lack the proper education on coin storage procedures. In fact, I would go as far as to say that the only citizens who actually care about this ETF at all are all staunchly in favor, and isn't that what our government is supposed to represent? Empowering and providing choices to the people? Especially within President Trump's current deregulatory framework.
Further, one could argue the darkest day in the history of bitcoin (the crash/theft of the Mt Gox exchange), would have been completely avoided or at least mitigated had this ETF alternative been available.
Mt Gox's downfall was it's poor planning and management and lack of scalability under Karpeles, whereas the Winklesvoss twins have provided a well-conceived alternative that is far easier for traditional investors to access without registering and having to trust the current exchange system. The ETF would also lower volatility and help guide prices across international exchanges, similarly lowering international arbitrage opportunities.
Traditionally, the SEC has been receptive to innovation. Why break this trend now--especially in this administration's pro-business environment?
Thank you for your time and I'm hopeful you make the right decision to empower the American people and not the special interests fighting it.
Sincerely,Patrick Turley, MBA