Our Letter to the SEC on the Bitcoin ETF
The letter below was submitted to the SEC via email on July 19, 2018. Our team at Morgan Creek Digital felt it would be helpful to share more broadly.
To whom it may concern,
The citizens of the United States are interested in purchasing, holding, and transacting Bitcoin. These law-abiding individuals have decided that this decentralized digital currency is an asset to store and transact their wealth.
Your stated mandate as an independent agency of the US federal government is to “protect investors; maintain fair, orderly, and efficient markets; and facilitate capital formation.” The approval of a Bitcoin ETF would accomplish these goals.
Investors want a secure way to buy and sell the digital currency, while also being afforded the protections of an ETF, such as insurance and institutional-grade custody. Additionally, a Bitcoin ETF would afford all market participants with increased information access and transparency.
Bitcoin, like the US dollar, derives its value from the belief between two people that the asset has value. The millions of Americans who believe in Bitcoin’s value should be afforded the same access and protections as other asset investors.
We respectfully ask that you approve the Bitcoin ETF application to create the economic opportunities the United States was built upon.
Partner, Morgan Creek Digital
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