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. I am a young professional working and living in the state of Pennsylvania. I think it's a scandal and wrongdoing on the part of the SEC to deny so many applications for approval of a spot Bitcoin ETF, including the applications submitted by GrayScale. There are many ETFs that are far riskier for mainstream retail investors than a spot Bitcoin ETF, and yet these applications continue to be denied. Why? Why am I able to invest in a 3x leveraged inverse SPX ETF, which almost continually decreases in value at a very rapid rate, but the SEC denies investors the ability to allocate their traditional retirement accounts to the hardest monetary asset designed in the history of human civilization? The actions by the SEC to deny the creation of these ETF is SHAMEFUL. Sincerely, Andrew Cardin