Feb. 22, 2022
Dear SEC, I’m writing to support the conversion of Grayscale Bitcoin Trust (Symbol: GBTC), currently the world’s largest Bitcoin fund, to the first Spot Bitcoin ETF in the United States. The SEC’s support of “futures” products is not designed to be an effective vehicle for individuals to obtain Bitcoin exposure in their portfolio. Those instruments contain high fees & added risk to an asset which already has volatility. Instead, individuals should have access to a hard asset with an instrument which better reflects the spot price. This would lessen risk while allowing individuals to make their own choices. If the SEC is truly in the business of protecting individuals, it should allow a product which more accurately tracks the price of an asset such as Bitcoin. The SEC’s logic regarding this current stance is flawed & flawed for only one reason, political ideals. The SEC should not be involved in political debate, instead stick to your charter & focus on regulating products while opening up markets for individuals. Bitcoin has been deemed property by the IRS & thus allowing individuals a vehicle to obtain property should be allowed. Thank you. Respectfully, Chris Heidt