Jul. 27, 2018
Dear Sirs,
I am writing to express my interest and support of the availability of Cryptocurrency and specifically Bitcoin Exchange Traded Funds. I know that you have reviewed applications for these types of ETF's in the past and are currently reviewing filings for revised offerings of these types of funds. I read yesterday that you denied the application of the Winklevoss Bitcoin ETF. Not having all of the pertinent information, I am not quite sure I understand denials to allow the approval of these various funds applied for, but I would like to see that change.
I personally invest in Cryptocurrency. Up to this point, I have not been a fan of the futures trading, as studies have now proven that it crashed the market in January. From what I see, much of that has been due to traditional fiat investment firms bad mouthing, or really blasting cryptocurrency, and especially Bitcoin. All the while, many of these same firms were figuring out how they could benefit from cryptocurrency directly, or by copying it's technology and bypassing he current offerings altogether.
Now, and this is not a big surprise, many of those same firms are planning to offer cryptocurrency trading desks and other cryptocurrency offerings to their institutional investor clients. It is very convenient to them, and horribly inconvenient to people like myself, that the market has lost so much value when it still has so much potential. I really did not appreciate these firms and so called "whales" doing their best to drastically devalue cryptocurrency investments (my personal investments included), only to see these same players get in while the getting was good once again due to the massive devaluation largely caused by their manipulation.
Having ETF's in the Bitcoin and cryptocurrency space would allow for people like myself, who see tremendous value in Cryptocurrency (as well as in traditional fiat investment vehicles), to invest in more grounded cryptocurrency vehicles with better backing, more oversight, and less volatility due to market manipulation and FUD. I believe there would be a much more favorable risk to reward ratio for investors if you would begin to approve these types of funds. Many people feel cryptocurrency is the future of money, and if that is the case it will not be stopped from developing. The markets will dictate whether that is the case obviously, and I only see cryptocurrency growing the US economy if embraced.
It would be a shame to see the United States government continue to hurt that growing market and so many people by doing what South Korea admitted doing in not regulating the space sooner. They admitted to not wanting the legitimize the market by devising appropriate regulations in these past months. The markets were already legitimate on their own, and sadly those getting hurt are the ones who believed that earlier than others and invested sooner.
I request that you take the appropriate steps within your power to see that does not happen to the degree it has in the recent past. I would hate to see myself, US investors, and the United States as a whole miss out on this great opportunity to grow our economy's base and future potential. As I understand it, your mission is to protect investors; foster capital formation; and facilitate fair, orderly, and efficient markets. What are you waiting for?
Thank you for your time and consideration.
Regards,
Cooper Marotta
Technical Director
1st Search Optimization | Pinnacle PR Group