Sep. 21, 2018
Dear Sir or Madam: In regards to the proposed Van Eck SolidX Bitcoin ETF: I am in favor of allowing Van Eck to proceed with their proposed ETF with one proviso: that the proposed ETF MUST be 100% backed up by the purchase of real Bitcoin and this must be audited at regular intervals and surprise spot audits to ensure that they are not selling empty promises to deliver Bitcoin. Also, I think it would be best not to allow the proposed ETF to be shorted in any manner like GLD or SLV. If a buyer of the proposed ETF wants to "hedge" their investment in the proposed ETF, they can simply resort to the futures market where at least 2 Bitcoin futures contracts are already available. The Bitcoin in the proposed ETF should be held by a neutral 3rd party with no "skin in the game" to ensure the accurate and honest reporting of Bitcoin held in trust for the proposed ETF. I believe that it is JP Morgan that is the trustee of the silver ETF, SLV, and that is like putting the fox in charge of the hen house as JPM is known to be or has been the very largest holder of short positions in silver at the COMEX. That is laughable to allow such a thing to happen and the CFTC is a laughing stock. At the same time, it has been reported that JPM has in its possession over 800 million oz. of silver bullion while simultaneously having the largest short position in silver futures contracts at the COMEX, disingenuously claiming that the huge position in physical silver is for "clients" only, never identifying these supposed clients. This is a blatant conflict of interest. JPM accumulates massive amounts of silver at prices that are below the cost of production, robbing silver owners and investors in physical silver and silver mining firms. This is blatant manipulation and why the CFTC allows this to continue is beyond me unless JPM is acting as an agent for the US Treasury/Federal Reserve to suppress the price of silver. Please do not allow the proposed Bitcoin ETF to follow that pattern. The SEC can make the rules that will ensure such manipulation cannot happen. Thank you for your attention. John M. Uhlich