Dear Securities and Exchange Commission, I am writing to express my concerns regarding the proposed rule on Safeguarding Advisory Client Assets. While I understand the need for investor protections and the regulation of investment advisers, I believe that the SEC's proposed rule may exceed its regulatory authority by encroaching on areas that should be regulated by other agencies. One of my concerns surrounds the confusion created by the reporting requirements for participants in Decentralized Finance (DeFi). The proposed rule places a burden on various participants in the DeFi ecosystem, leading to multiple and inconsistent reports for the same transaction. This not only burdens industry participants but also hinders innovation and growth in this promising sector of the economy. Furthermore, as a single mother struggling to make ends meet, the proposed rule's impact on the cryptocurrency industry is of particular concern to me. Crypto has been my last raft of hope to potentially improve my financial situation and provide a better life for my children. The proposed rule's requirements place an undue burden on small participants and hinder their ability to benefit from the opportunities provided by decentralized finance. It may discourage innovation and prevent access to alternative financing and investment channels that could potentially benefit those lacking traditional financial resources. Additionally, the proposed rule's scope seems inconsistent with the SEC's regulatory authority. It reaches beyond the necessary safeguards for investor protection and encroaches on areas that should fall under the jurisdiction of other regulatory bodies. This overreach not only confuses the regulatory landscape but also stifles growth and limits the potential of decentralized finance. I implore the SEC to carefully reevaluate the extent of its regulatory authority and consider the potential unintended consequences of the proposed rule. It is crucial to strike a balance between investor protection and fostering innovation, ensuring that the opportunity to improve financial situations, like mine, remains open to all. By doing so, the SEC can play a vital role in allowing individuals like me to explore alternative avenues for financial security and prosperity. Thank you for considering my concerns on this proposed rule. I trust that you will deeply consider the potential implications and work towards a solution that promotes both investor protection and economic growth. Sincerely, Janet Reno