Mar. 02, 2022
Dear SEC, I am a hardworking entrepreneur and business owner from Colorado; I want to send you three reasons why you should approve the Spot Bitcoin ETF Conversion by Greyscale and also offer you a real solution for your decision on this timely and important topic. #1 Reason: Equality and fairness. The laws in the United States are outdated and unfair for Americans who seek a better life. Whereas we allow any average person to walk into a convenience store and spend freely on lottery tickets where the odds of winning are 1 in 250,000,000+, we don't allow the same person to make an informed decision on an asset class that has risen thousands of percent in value during the past 12 years? This makes no sense; we're encouraging states to actively promote lotteries, which are "taxes on the poor" but not allowing this rapidly growing class. Bitcoin is the greatest fintech innovation in centuries. Anyone who wants to speculate, diversity, or consider investing in this emerging asset class should be allowed to have the same upside as accredited investors who are already wealthy. To restrict ETFs on exchanges from spot conversion is not only illogical but will also put America behind the greater tech adoption curve. #2 Reason. Store of Value. Although some claim BTC is not pegged and is "too speculative," the reality is that BTC has inherent properties that are similar to digital gold. However, it has become clear that BTC is better than tangible Gold as a store of value. Bitcoin has a fixed supply (capped), whereas Gold continues to be discovered and no one has any idea how much Gold exists on this planet. Additionally, BTC continues to suggest inherent protection against rising inflation (now 7.4% and growing) because the price has risen whereas the value of the fiat USD has declined during the past 20 years. Bitcoin continues to prove itself as a store of value in all areas of the World. On a side note: it's also the best thing that ever happened to regulators as you can trace the transaction flow on the Blockchain, whereas with money laundering and illicit activity traded via cash, tangible Gold, and any other fiat, it's impossible to do so. #3 Reason: Impoverished communities benefit. To understand how BTC has helped nations during the toughest times, look at how BTC has benefited nations such as Argentina, Venezuela, and Kenya. Each of these countries suffers from declining fiat value, rising prices, and leaders unwilling to allow the people to make their own choices. Our government should encourage people to transact with each other in their communities and globally (with existing reporting requirements intact) without fettering free markets and commerce. Allowing spot ETFs such as Greyscale's encourages awareness of this new asset class. It also gives the poor and lower middle class the opportunity to thrive in the toughest economic environments. #4 SOLUTION: Allow anyone to buy GBTC and any other ETF that is created by reputable fintech firms such as Grayscale. Require simple investor disclaimers. Build a better website - subdomain - hosted by SEC.gov that provides ample resources for average consumers to make their own informed decisions. Have yearly audit requirements specific to crypto/digital asset firms; don't allow any fintech firm to make "guarantees" of future performance. Require quarterly disclosures for considering new assets classes and treat digital assets on par with the other highly speculative leveraged ETFs that have already been approved by the SEC. Thank you for making this ETF conversion happen and for continuing to allow the United States to remain a pillar of growth and technological innovation. With respect, Ross Blankenship Author, CEO