All Americans here should be submitting comments to the SEC about the CBOE Bitcoin ETF

The SEC does take public comments into account, however they’re going to outright disregard the low quality and spam-like comments. For example, anyone submitting a comment who obviously hasn’t read the release is most likely going to be immediately disregarded. This is not a casual process and the SEC doesn’t take these deliberations lightly.

In this present case, someone is requesting a change to the rules under the Securities Act. This is a very formal process. Part of the process is soliciting comments on the proposed rule change from the public and the investment industry. If you want your comment to matter at all, start by reading the release which can be found here: https://www.sec.gov/rules/sro/cboebzx/2018/34-83520.pdf (This is one of their lighter releases at only 50 pages.)

Next, this is not a blanket sounding board for you to spam them with pleas to approve the ETF. They are asking for people to respond to their specific request for comments:

Interested persons are invited to submit written data, views, and arguments concerning the foregoing [the proposed rule change and SEC commentary], including whether the proposed rule change is consistent with the [Securities Exchange] Act.

If you’re submitting a stupid comment like do your job and approve the ETF, which is sadly the quality of some of the comments already posted, you’re going to be ignored. The SEC is looking for insightful commentary, and a basis for changing a securities rule. If you can’t provide a comment with, as they requested, data, views, and arguments specifically about whether the proposed rule change will be consistent with the Securities Exchange Act, then don’t bother commenting because you won’t be taken seriously.

The SEC is not going to change a rule without a sound basis for doing so. If you want your comment to be taken seriously, you have a minimum of several hours of reading to do and then several more crafting a written response. Short of that, I wouldn’t bother.

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