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. Retail investors should be able to easily invest in an physically backed bitcoin ERF & have the security of professional custodians. Futures products for an asset that is 100% digital is not needed; nor does it benefit the retail investor. The SEC needs to start doing its job rather than preventing natural price discovery. The fact that these physical spot ETF products are available in countries all around the world, but not in the United States, is an absolute disgrace. I hope the SEC will start actually looking out for investors who want to invest in real digital property; not re-hypothecated futures contracts Sincerely, Lou Palumbo