Dear Securities and Exchange Commission, I am submitting this public comment in response to the proposed rule on "Safeguarding Advisory Client Assets." While I appreciate the SEC's efforts to enhance investor protections and address gaps in the custody rule, I have concerns regarding several aspects of the proposed rule. Scope of Rule: The expanded coverage of the rule, including a broader range of investments held in a client's account, raises questions about its potential negative impact on decentralized finance (DeFi) initiatives. DeFi projects, which leverage digital assets and blockchain technology, have the potential to transform finance and promote financial inclusion. However, the proposed rules may inadvertently hinder the growth and development of these projects, restricting innovation and limiting the benefits they can bring to consumers and investors. Treatment of Digital Assets: It is crucial for the SEC to consider the unique characteristics and regulatory challenges posed by digital assets, specifically cryptocurrencies. As digital assets continue to gain traction, it is imperative to strike the right balance between investor protection and fostering innovation. The proposed rules should provide clear guidance on the treatment of digital assets, ensuring that they are not unduly hindered or excluded from the regulatory framework. Emergency Situation Preparedness: One particular concern I have is the lack of consideration for emergency situations in the proposed rule. It is essential to have a robust and adaptable regulatory framework capable of addressing unforeseen circumstances such as financial crises, natural disasters, or pandemics. The proposed rule fails to adequately account for these scenarios, potentially leaving investors and their assets vulnerable during times of crisis. Furthermore, I believe the economic analysis provided by the SEC should carefully assess the potential impact of the proposed rule on the growth and development of digital assets, particularly within the DeFi space. Regulatory uncertainties and excessive burdens on crypto-related activities may stifle innovation, hinder competition, and limit the potential benefits that these technologies can provide to investors and the broader economy. While it is essential to ensure investor protection, it is equally crucial to foster an environment that encourages innovation, competition, and economic growth. The SEC should consider revising the proposed rule to appropriately address the concerns outlined above and strike a balance between investor protection and the promotion of emerging technologies within the financial sector. Thank you for considering my comments. I urge the SEC to take into account the potential negative impact on decentralized finance, provide clear guidance on the treatment of digital assets, and consider emergency situations when finalizing the rule. These adjustments will not only enhance investor protection but also promote innovation and economic growth. Sincerely, Jakub.