Feb. 25, 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 understand that the SEC's position to permit futures-based ETFs but not a spot price ETF is based on the SEC's belief that there is more risk of fraud and manipulation in respect to a spot ETF. If true, those should be adequately disclosed to investors, so that investors may make an informed decision. Not allowing the product is distortive as it limits retail investors options to costly futures-based ETFs and trusts that have shown to inadequately track the underlying. This seems to be yet another example of the SEC 'protecting' retail investors in a way that limits participation in an asset class, leaving those returns to wealthy investors that increasingly have a preferred regulatory environment due simply to their accreditation and wealth. I would encourage the SEC to wield its regulatory authority to actually protect retail investors rather than merely limit investment access to the wealthy. Sincerely, Theo