February 10, 2017
It's imperative that you approve the COIN Bitcoin ETF. I agree that the government should protect investors from any potential abuse or illegality. However, the Winklevoss brothers have gone above and beyond to create the most legitimate Bitcoin service offering to date. They've proven that they can run a regulated Bitcoin exchange, Gemini, with a sterling reputation.
If you are concerned about the volatility of Bitcoin, don't be. China's PBOC has recently implemented a bunch of controls and oversight over Chinese Bitcoin exchanges, which has drastically decreased volatility in the last month. An ETF will actually help further decrease volatility.
If you are concerned about security, don't be. Over the last several years, there have been a few large-scale hacks/thefts of Bitcoin on major exchanges. This was due to exchanges either (a) stealing funds or operating Ponzi schemes or (b) trying unproven security methods. It's actually very easy to securely store Bitcoin offline (in cold storage). The Winklevoss brothers are already doing this with Gemini.
Finally, don't try to use regulation to slow the future. Bitcoin will likely be the future of our financial system. American investors need to be given the opportunity to purchase this new, fascinating, innovative asset. If the SEC does not approve the COIN ETF, it will be robbing American investors of this opportunity, and allowing other countries like China, Japan, and India to take the lead. We cannot let that happen.
Thank you
- Zach