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. The goal of the SEC used to be "to protect investors" especially retail investors. That could not be further from truth. The SEC has recently showed they only care about power, money, and protecting the banks and big money. The SEC's job is not to regulate by enforcement ie. The Ripple case. For Bitcoin, Mr. Gentler said a futures ETF will need to come first to protect the retail investor. That is a complete joke. As we can all see it diverges from the spot price giving big money a lot of arbitrage opportunities, leaving out the retail. A bitcoin spot ETF is the least risky thing there is. You buy and hold. No leverage or complicated things. Crypto is just getting started and is an enormous for a country that embraces it. More jobs and more money equals more taxes, which the government loves. Imagine a world where America let other countries beat them to the amazing opportunities the internet created. This is the same thing in a much bigger scale. Do the right thing, and that starts with a spot bitcoin ETF. Sincerely, Mike Apicelli