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. It is time. The reasons - excuses - used by the Agency over the past year to reject this conversion are tired and without merit. As a former securities lawyer for 20 years on the defense side, I frequently was an adversary of the Commission, but I always understood its mission and respected its leadership, even while most of my lay friends were critical. If the meritless excuses and delays continue on these BTC ETF conversion proposals, I think the Commission’s credibility will be tarnished for years to come as foot dragging and needless delay for no other reason than delay will have taken priority over the Commission’s stated goal of protecting investors. The disclosures of risk here are beyond adequate to protect investors. It is time to approve the conversions. Sincerely, Dan Turbow, Esq.