May. 16, 2022
Dear SEC, I've struggled on how best to articulate my strong feelings as a voter, tax-payer, and Grayscale GBTC investor my concern with the current SEC administrations stance on Bitcoin spot price ETFs. Furthermore, the SEC's ETF inaction has resulted in a lack of regulatory guidance for crypto currencies and massive GBTC investor losses. These losses are a sure path to voter initiated SEC leadership changes should the SEC not amend its crash course. As a world leader in financial securities, it pains me to see the SEC continuing to harm investors through the lack of a US-based managed Bitcoin ETF. Instead the SEC has steered investors into speculative futures (ETFs), decentralized exchanges and non-US Bitcoin ETF markets. I implore the SEC to take note of other nations approval of Bitcoin ETFs and immediately approve US based Bitcoin ETF solutions through the approval of Grayscale's GBTC ETF conversion. I also implore the SEC to provide more consistent cryptocurrency policies, end all punitive "regulation through litigation" by ending the SEC suit against Ripple Labs, and provide solid pathways for future SEC regulated ETFs for other top-tier crypto-currencies. Regards, Justin Hiehle