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Email from Rafael Duval

Aug. 20, 2018

RE: Fund Innovation and Cryptocurrency-related Holdings

Dear SEC official,

I'm writing in favor of friendly regulation for Fund Innovation and Cryptocurrency-related Holdings in the United States for a simple reason: Bitcoin and Crypto Currencies are Anti-fragile.

If you don't approve these ETFs, Bitcoin and crypto currencies will NOT go away. They will just move to more friendly countries and entrench in the dark web in, impossible to censor without taking the entire internet down, hidden networks. They will become stronger, more private, more robust and eventually American regulators will be forced to accept them back after losing the race to others and paying the huge price of being left behind for years, which count as centuries in today's rapid pace world.

The extreme paternalistic and fearful approach to new technologies is reminiscent of the early car industry in 1900’s England. Back then draconian laws required early drivers to notify a village constable, who would walk in front of cars loudly screaming and waving two red warning flags while the driver followed slowly behind. This was done supposedly to “protect” pedestrians, and likely the old horse and buggy businesses but, in practice, it cost a decade of stagnation for England while in the United States the industry blossomed. Eventually, the regulators were forced to reverse their extreme laws, but by then it was too late, all the advances, jobs and Ford factories were already in Detroit.

If there isn’t friendly regulation to crypto currencies and blockchain in the United States all the economic opportunities, wealth, jobs, advances in Fintech and improved efficiencies will be enjoyed by other countries that may use it for purposes not aligned with the interests of our great country. Bitcoin was created in the United States, the greatest economy on earth, we must capitalize and monopolize it before everyone else if we are to maintain such status in the future.

Rafael Duval

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