May. 10, 2022
Dear SEC, I’m writing to support the conversion of Grayscale Bitcoin Trust (Symbol: GBTC), currently the world’s largest Bitcoin fund, to the first Spot Bitcoin ETF in the United States. As of yet, a Spot ETF was not approved for “consumer protection”. But a Future’s ETF was, which most certainly is more dangerous to consumers than a spot ETF ever is. The topic of “consumer protection“ is there for moot. Bitcoin can be purchased via a multitude of avenues, thus preventing a spot ETF would also appear to be nonsensical. Given that numerous countries throughout the world have by now issued ETFs, the USA and especially the SEC at this point, is losing credibility and drawing immense ridicule for not allowing same. What should however occur with a spot ETF is that the number of bitcoin and Satoshi within the ETF should be verified on a daily or at a minimum weekly basis and juxtaposed with for example real time purchase and sale receipts which nowadays can be done online. That would indeed prove to the public and enable consumer protection, by demonstrating that indeed a quantity of asset was purchased or sold as ordered. Sincerely, M. Kessler, MD