I am writing to provide a public comment on the proposed rule titled "Safeguarding Advisory Client Assets" by the Securities and Exchange Commission (SEC). Under the proposed rule, the SEC aims to enhance investor protections and address gaps in the custody rule for investment advisers. While I commend the SEC's pursuit of investor safeguards, I have concerns regarding the potential negative impact that the proposed rule may have on peer-to-peer exchanges. Peer-to-peer exchanges play a crucial role in promoting financial autonomy and sovereignty for individuals. However, the proposed rules could hinder the growth and development of such exchanges, imposing reporting requirements that may limit user autonomy and inhibit financial innovation. Additionally, one particular area of concern I have is the potential confusion resulting from the proposed regulations. The rules create reporting requirements for a wide range of participants in decentralized finance (DeFi) systems, including individuals who engage in peer-to-peer transactions. This approach may lead to multiple, inconsistent reports for the same transaction, causing confusion and posing unnecessary burdens on individuals. Furthermore, I believe that requiring individuals to report every transaction as if they were an exchange is unnecessary and invasive in terms of privacy. Individuals have a right to financial privacy, and the proposed regulations seem to overreach in requiring extensive reporting for relatively small and non-systemic activities. In conclusion, I urge the SEC to carefully consider the potential negative impact on peer-to-peer exchanges and the potential confusion and invasion of privacy resulting from the proposed rule. It is important to strike a balance between investor protection and facilitating innovative financial practices that empower individuals. I appreciate the opportunity to express my concerns and contribute to the public discourse on this important matter. Thank you for considering my comments. Sincerely, Albert Conti