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. On the SEC’s own website, you state the following: "The mission of the SEC is to protect investors; maintain fair, orderly, and efficient markets; and facilitate capital formation. The SEC strives to promote a market environment that is worthy of the public's trust.” How are you protecting investors when a futures ETF is approved but not a spot ETF? Clearly the former is much riskier and a poorer vehicle for investors than the latter. How are you protecting investors when you’re shielding them from the best performing asset in history? How are you facilitating capital formation when you take a sporadic, non-committal and vague but aggressive stance on regulation in crypto? How do you promote public trust when your process is clearly driven by protecting & serving incumbents? It seems to me, you have so far failed your own stated mission on all levels. However, it’s never to late to protect investors, take a stance that clearly supports the will and direction of the market’s participants, and re-build the public’s trust: Approve GBTC as the first spot Bitcoin ETF today! Sincerely, Jon