July 26, 2018
Dear members and representatives of the Securities and Exchange Commission ("SEC").
Bitcoin has been recognized as "Digital Gold" and has the wide-spread interest of individuals and corporate investors. Recently a previously proposed Bitcoin ETF was denied for the the following reasons:
- Fraud and manipulation unregulated off-shore markets in which 3/4ths of trade occurs on non-US exchanges.
Bitcoin was recently deemed a commodity. That being said, should the U.S. ban other ETFs including oil, precious metals, other other commodities simply based on where they're majority is located in the world? Simply because the Bitcoin majority is not located in the U.S. and we don't have hoarder rights should not be reason enough to ban-especially where other commodities are in the same situations. We are not the lead nation in oil, cotton, tea, rice, potatoes, or Bitcoin.
On the same note, many commodities world-wide are produced in Non-US countries and therefor fall in unregulated market territories. Banning Bitcoin's ETF approval on this basis is contradicting when comparing to other commodity markets. Diamonds, Precious Metals, Cotton, Crops and Livestock all get produced in off-shore markets affecting the prices world-wide.
As your mission to prevent fraudulent or manipulative acts and practices, it should also be your mission you hold standardized regulatory practices. I ask you to think broad and give the US market a chance to invest in this domain where you can help protect them opposed to denying a safer-marketplace, forcing uneducated and unskilled investors to reach out alone. Approve this ETF so investors can sleep soundly knowing their funds are managed by certified investors and portfolio managers for safe investing.
Thank you for your time and consideration.