Oct. 22, 2023
Dear Sir or Madam, I am writing to express my opposition to the proposed regulation by the Securities and Exchange Commission (SEC) to classify crypto trading platforms as securities exchanges. This regulation would represent a serious infringement on the freedom of speech on these platforms. Argument 1: Crypto trading platforms are public squares. Crypto trading platforms are public squares where people can freely communicate about the value of cryptocurrencies. This communication is an essential component of freedom of speech. By classifying crypto trading platforms as securities exchanges, the SEC would restrict these public squares. Argument 2: Crypto trading is a form of speech. Crypto trading is a form of speech. When someone buys or sells a cryptocurrency, they are making a statement about the value of that cryptocurrency. This statement can be seen as a form of expression. By regulating crypto trading as securities trading, the SEC would restrict this form of expression. Argument 3: Crypto trading platforms are a source of information. Crypto trading platforms are an important source of information about the crypto market. On these platforms, people can find news, analysis, and other information that is relevant to their investment decisions. By regulating crypto trading platforms, the SEC would restrict access to this information. We could already see what this has done to prices where the SEC explicitly intervened; Prices dropped and thereby harming investors. We could argue the SEC is too late with this intervention and the industry has grown too large. Protection would provide harm instead of benefit. Argument 4: Crypto trading is an innovation. Crypto trading is an innovative form of financial trading. By regulating crypto trading platforms, the SEC would stifle this innovation. Conclusion The proposed regulation by the SEC represents a serious infringement on the freedom of speech on crypto trading platforms. This regulation would have a negative impact on the crypto market and the innovation that goes along with it. I respectfully request that you not implement this regulation. Sincerely, Jeffrey Zimmer