Sep. 25, 2018
Dear Chairman and Commissioners, I believe that it is not a good idea to accept Bitcoin ETFs until all participating exchanges are regulated. The crypto-currency market is rife with unregulated exchanges that have been set up on a whim. As of today there are 219 exchanges and the great majority are subject to Wash Trading, which is a form of market manipulation in which an investor simultaneously sells and buys the same financial instruments to create misleading, artificial activity in the marketplace. Wash trading has been illegal in the United States since the passage of the Commodity Exchange Act (CEA) of 1936. Bitcoin, and for the most part the entire crypto-currency market, is very much subject to manipulation. It doesn’t take whales and it doesn’t even take a very in depth understanding of the market. It takes a little bit of understanding how to do it and a negligible amount of capital. Strongly urge you to continue rejecting ETFs until this market is properly regulated. Regards, Wesley