Feb. 7, 2022
Hello, Regarding the request for public comment on whether to allow the Grayscale BTC trust under NYSE Area Rule 8.201-E: I am a typical US Citizen and investor, working in commercial real estate. I've followed cryptocurrency development closely since early 2017. My opinion is that the US has correctly taken the stance that to outlaw BTC and related currencies would be a mistake, resulting in lost innovation and capital outflows. The space has grown beyond our nation, and to make it illegal at this point would not only be an unsuccessful venture, but would result in huge areas of lost productivity. The worst case scenario of allowing cryptocurrency to legally grow, would ultimately be loss of capital selective to failed ventures. As you've found, an examination of the fundamentals behind decentralized currency reveals that it is sustainable, given its use, which is highly unlikely to be dissolved even with nation-wide intervention. Furthermore, the majority of the security breaches that occur in the space actually happen outside of US borders. Therefore, it stands to reason that if under appropriate regulation, oversight and security, a BTC-based spot ETF would actually increase the overall security per exposure for US-based investors. Futhermore, such an ETF would allow significant capital inflow to the boon of the sector and the US as a whole. It's unnerving to look at BTC and wonder what its final destination will be in our future. However, enough time, studies, use cases and trials have been completed at this point, that to kick the can down the road would only hinder our progress towards modernizing our financial system and empowering citizens with a decentralized mode of exchange. It goes without saying that a USD-based CBDC would bolster these benefits, all around. As well, an honorable mention to how trackable BTC theft and fraud actually is, in reality. In many instances, it resolves to be more easily traced than cash. Wtih the amount of tools available to invest in bitcoin currently, albeit none as simplified or as accessible as a spot ETF, there is little reason left to continue to delay this decision. However, I do believe that such a security should be strongly regulated and its regulations strongly and definitively enforced. I appreciate this administration and the SEC's approach to digital currencies and other issues thus far. Thank you for your contributions.