Subject: SR-CboeBZX-2018-040
From: Max Feinswog

July 11, 2018

With volatility starting to show its teeth in March, and interest rates inevitably rising to curb inflation, the market is soon to be in dire need of liquidity. Commodities/SPX ratio are at a 50 year low and American investors are going to be seeking them as a safe haven in a flurry soon. With a bitcoin ETF proposal passed, we can see bitcoin lead the way as the first ever digital commodity, storing and preserving the capital of the average american investor in a time when stocks and bonds are pummeled by inflation. Passing a bitcoin etf will not only counteract manipulation but will also provide a new safe haven to investors, both retail and institutional.