May. 06, 2022
Chairman Gensler & To Whom It May Concern, While I can appreciate the SEC's attempt to "protect investors" against the volatility, etc., of Bitcoin by disallowing the creation of a Bitcoin spot ETF (by Grayscale or any other company), the SEC is effectively putting the United States & United States investors at a TREMENDOUS disadvantage. Here are some reasons why: (1) it is likely that a long-term investment in a stable Bitcoin proxy (especially against our current inflationary environment) that can be bought through a retirement account like an IRA, etc., will result in a positive return on investment, (2) other countries have created and are creating Bitcoin spot ETFs, so certain investors will just use other countries and the United States will miss out on tax revenue in the long term, (3) investors can use arguably more dangerous ways to invest in Bitcoin via direct investment versus a Bitcoin spot ETF proxy, and (4) philosophically, many believe Bitcoin will be an important digital asset and store of value in the coming years and decades, so by not allowing a Bitcoin spot ETF, you are effectively disincentivizing United States citizens from investing in Bitcoin and putting them at a long-term disadvantage versus the world. Those are just some of the important reasons why it is a bad idea for the SEC to not approve a Bitcoin spot ETF, but there are others. I hope the SEC will approve a Bitcoin spot ETF very soon. Thank you for your sincere consideration. Respectfully, Stephen Hays