Feb. 26, 2022
To SEC, As a retail participant looking to own digital assets, I think that an ETF like Grayscale’s GBTC affords me and many investors the best opportunity to have robust custody management, while providing the ability to transparently report any tax obligations to the IRS in lieu of owning a personal wallet where the tax reporting is cumbersome and confusing to most people. By authorizing a spot ETC like GBTC, US citizens like me will be able to hold a spot bitcoin ETF, be taxed appropriately, and eliminate concern over controlling confusing keys to wallets as well as security concerns associating with owning bitcoins. It is also true that Grayscale already owns and custody the most bitcoin of many institutions. This experience, I believe, provides the company the competence to safeguard the holdings for many retail investors. Thank you for your time and curiosity in this endeavor. Sincerely, Henry Chen