Mar. 21, 2022
Hi, I'm writing on behalf of GBTC, which I believe should be converted to an ETF. The fund already reports to the SEC on a voluntary basis, and derivatives such as futures and a futures ETF - whatever that means given there is no asset-backed characteristic - exist and benefit the large financial institutions that offer them. If you do not move forward with this, please articulate the reasoning behind allowing a futures based ETF but not a spot ETF. The entire purpose of the SEC was to combat market manipulation, but by allowing futures based, complex cryptocurrency derivatives products, while denying a spot ETF, I'm genuinely curious if there is a logical explanation. Looking forward to receiving your thoughtful response. Thanks, A