Feb. 23, 2022
Aloha SEC, I'm a retired military officer. I am known for being totally blunt and lacking tact. So I apologize for that up front. I have over 30 years experience investing in everything from mutual funds, stocks, options, futures, and for the last 5 years cryptos. Crypto investing has proved to be the most volatile but by far the most rewarding investment. The ease of investing in cryptos has become easier over the last 5 years but for the average individual investor, it is still not an easy process. In addition to purchasing over 40 cryptos over the last 5 years, I have also been buying GTBC over that same period of time. GBTC is easier but it has a higher expense ratio than ETFs and it trades at discounts or premiums to the spot price of Bitcoin. Bitcoin is not going away and more individuals and institutions are investing in them every day. I don't understand why the SEC continues to refuse approval of a spot Bitcoin ETF. You claim to be protecting US investors. I am going to have to call bullshit on that assertion. You have approved Bitcoin futures investments. Anyone with any investing experience knows that investing in Bitcoin futures is much more risky than investing in a Bitcoin spot ETF. You have received a letter from US Congressmen pointing out this same point and urging you to approve a Bitcoin spot ETF, yet you seem to be determined to disapprove every Bitcoin spot ETF. Canada, Brazil, Germany and other countries have already approved bitcoin spot ETFs. Why are you determined to deny US investors this same opportunity? It appears that you are indeed protecting someone but it sure isn't US investors. I'll use a military term to recommend the course of action you need to take. It is way past time that you extract your cranium from rectal defilade and approve GBTC and other Bitcoin spot ETFs. Respectfully (as I can) submitted Gary Kloepping US Army, LTC (Retired)