Feb. 22, 2022
I'm commenting to support the conversion of GBTC to a spot bitcoin ETF. I don't want to own an inferior futures-based product like BITO that introduces unnecessary tracking error in my brokerage account. It's frankly absurd and illogical that the SEC has not approved a simple spot ETF that millions of investors want, on the basis that you don't have "an adequate regulatory framework" for such a product. How about you guys do your job and make a framework? How could you possibly argue that a futures-based product is not exposed to the same risks as a spot ETF when the futures product moves BASED ON THE MOVES IN THE UNDERLYING ASSET. If you approve the former, you should approve the latter - assuming you care about investors having access to a lower-fee, more liquid, and better structured product for this particular asset class. It's comical that the SEC feigns interest in protecting investors from digital assets when retail investors can easily lose their money in high-flying tech stocks, triple-levered ETFs, far out of the money options, inverse vix products that go bust, and worthless SPACs pitched by celebrities. It's very simple - if I want to own bitcoin in a standard brokerage account in a low-fee manner, I should be able to do that.