As part of the filing to convert Grayscale Bitcoin Trust (Symbol: GBTC) to an ETF,* the SEC provides a 240-day review period for anyone to submit comments for consideration.  The SEC Wants to hear from investors.

Investors deserve a sport Bitcoin ETF and therefore the submission matters.  And, it is now the right time for investors to make their voice heard.

To date, the SEC has only permitted Bitcoin Futures ETFs, while rejecting “physically-backed” or Spot Bitcoin ETFs. Therefore, it becomes important to level the playing field.

GBTC is already the world’s largest Bitcoin fund and regularly reports to the SEC on a voluntary basis as an SEC-reporting company.

Those who have been waiting for the familiarity and protections of a Bitcoin ETF should not be forced into a Futures-based product simply because it’s the only one that exists.

Investors can submit their comments to the SEC through e-mail. There are already lot of submitted comments on the SEC page.

If GBTC is approved to convert to an ETF by the SEC, a few key things would change: 1.  It would uplist from OTCQX to the New York Stock Exchange.  2.  The ETF would more efficiently track the price of Bitcoin, effectively eliminating premiums and discounts.  3.  Grayscale would reduce management fees for GBTC.

Michael Saylor: “It took clarity and conviction to set up $GBTC, and now Grayscale is demonstrating courage and commitment in their campaign to convert GBTC into a Spot Bitcoin ETF. They deserve your support. If you agree please let the SEC Gov Know.”

Community Reaction:  SEC has refused to approve any Bitcoin spot ETF in the US, often citing protection of investors from manipulation. But Canada has approved Bitcoin spot ETF and Europe has approved Bitcoin spot ETP and nothing bad happened. Grayscale needs to be supported to get SEC approval.

It’s a catch-22. Not going to happen without strict stable coin regulations, which would immediately dry up Bitcoin liquidity.

I’m incredibly frustrated by the inability of the SEC to both provide a spot Bitcoin ETF, and clear guidance why they keep denying this.

Their goal is to drive the price down and not let BTC flourish. That’s why futures only for now. Let the dirty dollar collapse already.

The masses want a spot ETF. It’s time to allow people the freedom to put their hard-earned money where “they” feel most comfortable. Other countries are front running us. Time to be leaders.

SEC will only approve spot ETF only when their officials are done bagging as well as their puppets like banks & institutions are still accumulating. Retail will always be the exit liquidity.