August 9, 2018
Dear Officials,
The SEC is without a doubt one of the world's most powerful regulatory commissions. When billionaires and millionaires the world over hear the word "S E C", they get goosebumps and take notice. As a crypto investor, I've seen many changes by cryptocurrency firms over the past year to make themselves "SEC compliant" despite being registered offshore and in jurisdictions where US rules do not apply to them. I've seen Chinese ICOs change their entire funding raise rules overnight because their raise wasn't SEC compliant (removing pools). This just highlights how far and wide SEC powers extend.
Bitcoin has now been in existence for over 10 years, many believe it was created by Nick Szabo and Hal Finney, both US residents and most likely share the title of being Satoshi Nakamoto who control some 980,000 bitcoins. This is nearly 1/21 of the entire amount of Bitcoins that will ever exist. As of today, that amount is worth $6.38 Billion USD. Their are over 195 countries and over 7.44 billion people in the world today, yet despite this staggering number, the US constantly produces talents and innovators that have led the world in innovations. There is no doubt, US innovation and US policies drive the world today. Some say Bitcoin could change the financial world forever. I believe an ETF approval is one of the most significant steps to legalize this asset in the financial world and I believe the officials and people who authorize this will be remembered forever in the history books. University/college studies/TV documentaries in the future will talk about how Bitcoin, a once "electronic" payment system loved by hackers and drug dealers eventually turned to become a powerful world currency/asset class after the ETF approval. An ETF approval in my opinion is the first step in making Bitcoin available for worldwide use. As far as I understand the ETF currently being looked upon by SEC officials has a minimal $200K investment. This type of investment is geared towards highly capitalized investors who know the risks associated with Bitcoin volatility. I believe approving this opens the way for future ETF funds where the average Joe can own some Bitcoins without actually storing Bitcoins. This is a huge deal as there are many individuals out there who want to own Bitcoin, without all the complicated steps of keeping it safe. The SEC is indirectly keeping thousands of investors safe by preventing the average Joe's bitcoin from being stolen/hacked. Whatever happens, there is no denying that Bitcoin is here to stay. An ETF approval just opens the door for mass adoption. Thank you and god bless what the US has done for the world since it's founding.