May. 06, 2022
Please approve the conversion of GBTC Trust to an ETF. I appreciate the SEC's concerns and attempts to protect investors from fraudulent or manipulative securities violations. Chairman Gensler himself has declared Bitcoin a commodity. A spot Bitcoin ETF is in high demand, so protecting investors means supporting their ability to utilize a low-fee spot ETF. Bitcoin futures ETFs have already been approved, and their value is ultimately a derivative of spot prices. Futures ETFs are less efficient for long-term holders, so withholding approval from a spot Bitcoin ETF is actively harming investors. Bitcoin liquidity is massive with daily volume usually between 25-40 billion USD. Most of the volume is on regulated exchanges like Coinbase. It is time for the SEC to support investors and approve the conversion of the GBTC Trust to an ETF. Thank you.