Dear SEC, Thank you for the opportunity to review this rule proposal & listen to public opinion. I would like to clearly state that I strongly oppose the rule proposal Proposed Safeguarding Rule (S7-04-23). I strongly advise against its implementation. Before I list the reason I oppose the rule, I need to take the opportunity to discuss this very important matter. I am NOT a victim of Richard Heart, HEX, PulseChain. I am also not a victim of Ripple & XRP. I am also not a victim of Coinbase (or ANY of the assets you listed as your opinion to be "unregistered securities"). I am a DIRECT victim of the SEC itself. The SEC is completely over-stepping it's boundaries on Cryptocurrency/BlockChain technology and has adopted "Regulation by enforcement" approach. Courts are ruling against your agency in very important cases. Judge Torres in SEC v. Ripple just ruled against your Agency, and deemed that XRP is NOT a "security". Judge Netburn called your agency "hypocrites" and that you "lack a faithful allegiance to the law". Judge Neomi Rao in Grayscale v. SEC said that your agencies denial of Grayscale's proposal was "arbitrary and capricious". Very strong words from our courts, and your agency is suffering greatly in public image as well. When will your agency start to listen to the Courts and follow the laws? SEC lawsuits and proposals are HURTING, not "protecting" American public. Just as Congressman Emmer correctly stated to Chair Gensler. Paraphrasing: "What happens when SEC sues a crypto company (or entity)? the price of that asset tanks". I am an individual American investor and SEC has LITERALLY harmed me as an investor on 3 specific cases. SEC v. Ripple (XRP), SEC v. Richard Heart/HEX/PulseChain, SEC v. Coinbase (multiple assets I hold were deemed "unregistered securities" in this lawsuit). In EVERY one of these lawsuits filed, my crypto holdings were directly impacted in a negative way. Thus, your agency is only harming me and millions of American investors. As to concern to proposed rule S7-04-23: I oppose it due to the Security of the American people. This proposal would put Americans' private information at risk. Just like American citizens can hold and legally store Gold, the same should apply to cryptocurrency. Using Ledger or another private hosted wallet is the right of the individual. Some may prefer to hold on a "centralized exchange". BUT, many prefer a completely "decentralized" way to hold crypto (like a Ledger or Metamask wallet). SEC does not have the legal authority to audit Ledger and other hosted wallets. The rule should not apply to decentralized crypto exchanges. In a decentralized crypto exchange the owner of the crypto currency holds the cryptological keys to that cryptocurrency and as such has sole custody of that cryptocurrency and takes full responsibility for the custody of that cryptocurrency. Developers who utilize free, open source code and software to update and maintain the network do not custody nor are they custodians of any cryptocurrencies. If sufficiently decentralized both the network and cryptocurrencies residing on it are not custodied by any individuals except the owner of the cryptocurrency who controls the ability to transfer or transact with that cryptocurrency through the ownership of their private keys. Thank you for your concern, Lee Davis