Feb. 22, 2023
February 22, 2023 The SEC, and Chairman Gary Gensler, are using unfair tactics to gain unilateral control over the digital assets space. This proposed rule/action by the SEC runs contrary to how our legal process works and is overstepping the authoritative boundaries set by the actual elected officials in the U.S. Congress. To be clear, safeguarding and safe custody rules surrounding client assets are important and require careful consideration. As a fiduciary, ElderAdo Financial has worked EXTREMELY hard to make our business comply and reduce any/all conflicts of interest and ensure trust in our business. This is why our firm has a contractual agreement with TD Ameritrade/Charles Schwab to function as our clients custodian. For years now, registered investment advisors, investment firms, accountants, and crypto-related firms alike have been begging and pleading for regulatory clarity with no such solid response. Is the SEC doing its job to protect consumers? Considering the contagion around the FTX fraud, could this all have been avoided? What if RIAs had more options, like a spot Bitcoin ETF, to help clients gain access to this emerging asset class in a safe and easy way, all while conducting due diligence, and considering clients specific needs, goals, and risk tolerance? Why is SEC/Gensler working to simply control the digital asset space rather than working with Congress to devise comprehensive legislation?