Mar. 11, 2025
To Whom It May Concern, I am writing to express my strong support for the approval of the Grayscale Hedera Trust (HBAR) for listing on NASDAQ. As a digital asset that has demonstrated consistent regulatory compliance and adherence to industry standards, I believe HBAR is well-positioned to offer investors a secure and transparent investment vehicle in the form of this exchange-traded fund (ETF). Notably, HBAR has not been classified as a security by the Securities and Exchange Commission or any other regulatory body. Since its inception, Hedera Hashgraph has proactively followed all applicable regulatory requirements, ensuring a clear and compliant path for both institutional and retail participants. The Hedera network's governing structure — comprised of major global enterprises — further underscores its commitment to transparency, stability, and long-term success. Approving this ETF would provide investors with a regulated and efficient means of gaining exposure to HBAR without the complexities of managing digital assets directly. With the growing demand for diversified crypto investment options, this ETF represents a responsible step forward in expanding access to digital asset investment products. I encourage the SEC to recognize the diligence and regulatory compliance Hedera Hashgraph has maintained and approve the Grayscale Hedera Trust's listing on NASDAQ. Thank you for your consideration.