May. 08, 2022
Dear Sir or Ma'am: I write to recommend against permitting a Bitcoin ETF or permitting other cryptocurrency products and derivatives. Bitcoin is a fictional asset. This alone is obviously disqualifying. Purchasing a Bitcoin does not confer an ownership benefit to any particular amount of computing equipment, electricity, or anything else. What kind of asset is Bitcoin? Bitcoin lacks the features of a functional currency, namely face value and redemption mechanism. Bitcoin lacks physical form to be a commodity or specie. Bitcoin lacks dividend or ownership rights to be an equity. Bitcoin lacks coupon or principal to be a bond. If owning a certain amount of Bitcoin constitutes intellectual property, then intellectual property of what? And with what enforcement rights against infringement? Thank you for your attention, Adam Pierce Dallas Texas