March 9, 2017
March 9, 2017
Hon. Michael S. Piwowar, Acting Chairman
Hon. Kara M. Stein, Commissioner
U.S. Securities and Exchange Commission
100 F Street, NE
Washington, DC 20549
Re: File No. SR-BatsBZX-2016-30
Dear Commissioners,
I believe it is in the public interest for the SEC to reject the COIN ETF.
1. Bitcoin is primarily a vehicle for speculation and capital flight.
2. Commercial usage of Bitcoin is non-existent.
3. Many Bitcoin exchanges are unregulated and function in a legal gray zone.
4. Theft and fraud have proven to be rampant on Bitcoin exchanges.
5. Index prices derived from Bitcoin exchanges are therefore unreliable.
6. Bitcoin is likely to split into two separate networks, confusing investors.
7. Blockchain and distributed ledger technology are independent of Bitcoin.
Approving the COIN ETF, given the current state of Bitcoin, would fail to meet the SEC's mission "to protect investors, maintain fair, orderly, and efficient markets, and facilitate capital formation".
Sincerely,
Anonymous