July 20, 2018
First let me preface by saying how lucky and thankful I feel to be granted an opportunity to communicate my opinion on the matter about to come before the SEC.
As an Australian resident of 38 years in age, I have watched our currency change its face three times and the currency textile (for cash not coin of course) move from paper with a metallic composite insert for anti-counterfeiting measures, through to multiple tier constructed plastic composite notes with embossed windows and holograms. Unfortunately none of these measures did anything to curb the counterfeiting of our currency or slow the growth of money laundering rates that are a direct reflection of organised crime rates, which was a key concern and one of the main driving reasons behind these changes. In fact, Australia has had a steady insurgence of counterfeiting groups and organised crime groups over the course of the past twenty years.
Ive watched the one and two cent coins that I knew well as a child be removed from circulation just over 25 years ago, even then considered frivolous in an economy with ever increasing inflation and a massive influx of credit card companies eagerly encouraging spending, through their card services that could also easily reconcile these minor cents. A law for retailers and service providers was even enacted after the removal of these coins that put in place rounding of all prices to the nearest five cent amount of the final purchase price of goods or services. Our citizens could no longer pay for something that was for example $9.98 or 9.99, and where instead charged the rounded up amount of $10.00, unless of course they where using a credit card.
It has brought back to me a great sense of pride and trust to witness the mass inception of blockchain technologies and crypto-currencies, and more importantly the incredibly intelligent, devoted and empathetic people who create and rightfully believe in these new methodologies for a safer and eminently more usable, sustainable and safer economy.
Over the past few years I have continually been amazed by the innovation, forthrightness and creativity of many of these projects, and the obviously intelligent andincredibly driven people who eagerly create and tend to these ever evolving solutions to some of the worlds biggest problems.
I cant remember imagining when I first used a mobile phone that one day soon an improved version of this device that would be even smaller, would bolster not only as much, but much more computing power than it took to launch and safely direct a manned shuttle to the moon and back. Yet, here we are. Past the precipice and now gazing well beyond. How serendipitous that it was in fact N.A.S.A. that first found great utility in the concept of the blockchain.
I think it would be an absolute travesty at this point to not include E.T.Fs and many other exciting new instruments for blockchain related projects, crypto-currencies and decentralisation focused projects.
I instead think how wonderful an opportunity it is for the SEC to proficiently create the legal framework to assist in the creation, support and monitoring of these new financial instruments and practices, to assist both seasoned as well as new generations of investors to empower themselves to manifest a most wonderful future for those who share the foresight to invest in themselves and their future. Life is not without risk, nor is investing. To stifle risk, rather than to mitigate it, is to stifle life.
I can only hope and trust (as Im sure many others will) that the SEC will use this opportunity to expediently welcome and closely shepherd this first group of new Bitcoin E.T.F.s and other similar services and instruments into fruition.
Horror, is not a word I use lightly, so I will use it only once here. Do not allow the horror that is Brad Sherman and many others akin to him to continue with his public and misleading rants, using very poor reductio ad absurdum, as he flails around attempting to guard the old boys club, filled to the brim with the same businesses and minds that bought your country and in fact many other countries around the world to their knees, during the financial crisis of 2008.
Instead, stand on your own two feet, firm, proud and allow all those who feel that they can help the current financial system in any way that is genuine, to have that opportunity to do so and to enjoy the support and guidance of their politicians. And in doing so, to grant the greater people a truely new opportunity that is an order of magnitude more promising than any dollar ever created.
What an exciting time this is, to witness what will hopefully be the changing of the guard.
A trustless system (that is governed by those who choose to use it) doesnt mean that its untrustworthy. Its quite the opposite. It means we know longer have to trust that a person or entity will take our best interest into consideration at all times. We choose, and that choice is made from the many trustless systems that are coming and will continue to prosper greatly.
I quote Theodore Dalrymple, who once said
Political power or office often gives those who possess it the illusion that they control events. That, after all, is the reason why the story of King Canute retains, and will always retain, its relevance to the current political situation.
In short, you cant hold the tide with a broom.
Thank you again for allowing me the opportunity to voice my opinion in this most important matter.
Sincerely, Christopher Taylor.