Feb. 27, 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. Living in the great State of Nevada, i prize liberty and freedom more than most. That’s why it pains me to see the federal government trying to outthink the market as to what is best for citizens. If it were true that the SEC knows best and is out to prevent fraud, where was it during ENRON, or WORLDCOM, or the DOTCOM bust, or the bank mortgage implosion? All of those companies were completely in the regulatory good graces of the SEC, but its inattentiveness threw millions of Americans out into the streets. There are ways for the SEC to say yes to a spot BTC ETF, but it has chosen to be obstinant and irrational. Among possible bureaucratic solutions: have an SEC oversight office in the crypto exchanges, have FINRA monitor ETF trade information, have the crypto industry create an ETF clearinghouse to report trades as a form of self regulation. Or better yet, don’t recreate the wheel, just look at what other countries who have approved crypto ETFs are doing. Having worked for the federal government, I know all too well how bureaucratic blinders lead to seeing a tree, but not the forest. Crypto is a transformative technology that the US so desperately needs in these inflationary times and which will enable it to maintain the primacy of the US dollar. Please don’t fail us again. Sincerely, Paul Page