February 28, 2022
Dear SEC,
Im writing to support the conversion of Grayscale Bitcoin Trust (Symbol: GBTC).
I fully respect the concern of SEC around investors' interests being protected. I would request SEC to lay down the rules that Grayscale (and other aspiring asset managers) need to adhere to in order mitigate the concerns. Since, the honorable SEC has approved the ETF based on futures then approving the ETF of the same thing as an underlying makes it more straightforward for investors.
I am sure by imposing rules/criteria for asset managers the sought after investor protection can be achieved.
It would be a progressive step which so many other countries who also have customers' interests in mind have allowed direct Bitcoin ETFs so it is difficult to understand why SEC is so apprehensive and thinks it to not allow it all.
Hope you will re-consider the stance and find a solution instead of rejecting the application(s).
Thanking you.
Sincerely,
M Kumar