May 24, 2022
Hi, I'm writing concerning the SEC's continual rejection of Bitcoin (BTC) backed ETFs. There is no plausible reason that the SEC or the SEC Chair Gary Gensler should prefer and allow a futures ETF and not a spot ETF. I have heard "market manipulation" being cited as the root cause, but anyone who would cite this does not understand BTC market fundamentals, liquidity, and past stress tests. As an innovative new technology, I understand that the government would not be expected to be at the forefront of regulations, but it is about time that the American government gets up to speed. As a citizen, I would think it tragic to fall behind other nations, who are not only allowing BTC backed ETFs (Canada), but adopting it as legal tender (El Salvador, Central African Republic, as well as others who are in discussion). The SEC's job is to regulate big investment firms, however they should trust in these firms' insight, as they are the ones pledging capital and who understand this emerging market. Surely, VanEck, Valkyrie, NYDIG/Stone Ridge, WisdonTree, First Trust/SkyBridge, Fidelity/Wise Origin, Ark Invest, Global X, Invesco, and others who have filed for a BTC spot ETF does not believe that this iss harmful to investors, could be manipulated, and had no future. The lack of a spot ETF hurts investors as we pay more in management fees. It hurts the US as capital exits the US. A quick path forward is to approve the conversion of existing OTC security, GBTC, Grayscale Bitcoin Trust's BTC backed trust into an ETC. I urge the SEC to get up to speed with the way the world is heading and approve this conversion and other BTC spot ETFs to pave the United States' path forward in a world where crypto, especially Bitcoin, plays an important economic role in our world. Thanks, John Obeid