Jan. 3, 2024
Regarding: Ark 21Shares Bitcoin ETF, File No. SR-CboeBZX-2023-028 Invesco Galaxy Bitcoin ETF, File No. SR-CboeBZX-2023-038 iShares Bitcoin Trust, File No. SR-NASDAQ-2023-016 Valkyrie Bitcoin Fund, File No. SR-NASDAQ-2023-019 VanEck Bitcoin Trust, File No. SR-CboeBZX-2023-040 WisdomTree Bitcoin Trust, File No. SR-CboeBZX-2023-042 Wise Origin Bitcoin Trust, File No. SR-CboeBZX-2023-044 Franklin Bitcoin ETF, File No. SR-CboeBZX-2023-072 Grayscale Bitcoin Trust, File No. SR-NYSEArca-2021-90 Bitwise Bitcoin ETF Trust, File No. SR-NYSEARCA-2023-44 Global X Bitcoin Trust, File No. SR-CboeBZX-2023-058 Hashdex Bitcoin ETF, File No. SR-NYSEARCA-2023-58 Pando Asset Spot Bitcoin ETF, File No. SR-CboeBZX-2023-101 All applications for Bitcoin spot ETF, or similar tradable fund, or trust. To: The Securities and Exchange Commission (SEC): I am writing as a concerned Citizen of Canada. As a trained Pathologist, and Researcher who also has experience in the financial technology industry, the financial wellbeing of the common people around the world is important to me. This is a request to reject all Bitcoin Spot ETF applications, and those of similar instruments for various reasons including limited investor suitability, lack of financial education and protections, and continued non-compliance in the sector. Bitcoin is a highly volatile and complex asset, unsuitable for all investors. Many retail investors lack the knowledge and risk tolerance to navigate its fluctuations. It has had wild swings in just the past months, and some of the Bitcoin and Cryptocurrencies related investments, such as cryptocurrencies/ bitcoin mining stocks have been even more volatile. Further there are ongoing, deep concerns regarding non-compliance by Cryptocurrencies related businesses around the world, raised by numerous regulators including the US SEC. Thus, an easily accessible spot ETF on one hand will lead to uninformed investment decisions in an easily manipulated and highly volatile asset, potentially causing significant losses for individuals unprepared for the inherent risks. On the other hand, this will further enable and enrich the bad actors across the globe including in the jurisdictions that the US SEC has no control. Lastly, creating money not controlled by a The government regulator will increase the money supply and inflation. The US SEC has a responsibility to ensure investor protection, and approving a spot ETF without adequate globally coordinated, strictly enforced and demonstratively compliant financial regulations, ethical standards, and financial education initiatives will exacerbate the risks for vulnerable investors worldwide. Sincerely, Dr. Shweta Gulati, Toronto, Canada Shweta Gulati