February 25, 2022
Retail investors currently hold GBTC. The current structure is inferior to an ETF structure. If the SEC is really interested in protecting retail investors, it would approve many if not all of the physical spot ETFs. It has been tremendously disappointing to see the SEC approve a futures based ETF before a physical BTC spot ETF. Both GBTC as a trust and BTC futures ETFs are worse products that the SEC has authorized versus a BTC physical spot ETF. The SEC needs to move much quicker and approve spot BTC ETFs as soon as possible. It's unconscionable that other countries have physical spot ETFs and the US does not. US financial markets deserve a better SEC that allows more financial innovation and more choice for US investors. No one can believe the SEC is looking to protect investors when they allow inferior products to come to market.