Subject: SR-NYSEArca-2019-39
From: William Franceschine

September 24, 2019

Please approve the Bitcoin ETF proposal.  

The United States is falling behind the rest of the World in cryptocurrency and blockchain innovation because of our regulations. We have the brains, we have the capital, we have the markets. But China and places like Malta and the Cayman Islands are beating us, badly, because our country is standing in the way of that innovation with burdensome red tape and overregulation.  

Blockchain innovation doesn't move at the pace of government, it's a rapidly evolving space. The longer you sit on these applications, the farther companies are falling behind to competitors that can launch products whenever they're built. The most exciting and game changing products aren't even applying -- they're just going overseas. 

In deciding where to incorporate and base our blockchain business, it's looking increasingly likely that will need to be overseas. We don't want to do that. We want to live and hire and grow here in America. Regulations are making things difficult for us and slowing us down, preventing us from doing the things we want to do.  

You have an opportunity to enable progress here. I beg of you to do it.  

William Franceschine