Feb. 23, 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. Adoption and access to bitcoin has changed significantly since last year, concerns listed by SEC are no longer valid. As El Salvador adopted Bitcoin as legal tender, IRS demanding tax on Bitcoin gains, and Florida accepting Bitcoin as tax payment to just name a few, there are no ground for SEC to doubt the legality of Bitcoin - you simply cannot say the legal tender of El Salvador is illegal money, and likewise you cannot say IRS is demanding tax on illegal proceeds nor Florida government accepting illegal assets as tax payment. On the ground of protecting investors, Bitcoin are currently being traded openly and legally by all eligible investors through numerous platforms year-round 24/7 in US; rejecting GBTC becoming spot ETF protects nothing at all. In terms of volatility, price fluctuation of Bitcoin is significantly dwarfed by SEC approved stocks, such as META (Symbol: FB). In fact, movement of Bitcoin is almost synchronised with NASDAQ in recent months. Other financial institutions have already listed their spot ETFs / ETPs in other countries, such as Canada, Germany and soon Switzerland. Bitcoin is already established as an openly-traded, internationally accepted, US government taxable asset, further delaying a spot ETF for such asset will not serve any practical purpose, but dragging US behind rest of the world. Sincerely, Dr. Tim Ved Lui