May 12, 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. Dear SEC, I am a non-professional investor from Utah and Idaho. I am writing on behalf of my family to urge you to approve the conversion of the Grayscale Bitcoin Trust to a Spot Bitcoin ETF. I believe the US is being held back by the SEC as the ability to invest into cryptocurrency is limited in the United States. We see other major countries like Canada, Germany, Switzerland support the development and innovation in this growing market. I believe the US is holding back innovation and opportunity for both the developer and retail investor here in the US. I think back to the growth of the internet and tech companies. How different would the US economy be today if the US didn’t support the internet and the tech companies? These companies would have happened, just not here in the US. Google, Apple, Facebook, Amazon all would have been developed outside the United States. I see this happening with Crypto if the US Government does not support this industry. The industry and the growth will happen, please don’t leave the US standing on the sidelines while we see the growth taking place outside the US. For these reasons, we would ask that you please approve Grayscale’s request for conversion of GBTC to a spot Bitcoin ETF. Sincerely, Jason D. Rafeld