Oct. 14, 2023
Dear Securities and Exchange Commission, My name is John Pinner, and I am a concerned citizen, a passionate advocate for the cryptocurrency and digital asset industry, and more importantly, a family man. As someone who is trying to navigate the complexities of today's financial landscape, both for myself and for my family's future, I feel compelled to voice my concerns regarding the proposal "Safeguarding Advisory Client Assets; Reopening of Comment Period." Every decision I make, whether it's an investment or a simple purchase, deeply affects the future of my family. Like many Americans, we've felt the sting of inflation eroding the value of our hard-earned savings. The evolving cryptocurrency and digital asset industry has been a glimmer of hope for individuals like myself who seek innovative ways to protect our wealth and, perhaps, even get ahead. However, policies like the one under consideration threaten to dim that hope. Cryptocurrencies and digital assets, built on decentralized networks, have ushered in a promise of security, transparency, and financial autonomy. As someone who has lived through the devastating impacts of inflation and the challenges of trying to secure a stable financial future, this new asset class has been a beacon of hope. The prospect of another layer of regulation feels like another blow, just when we were beginning to find our footing. While the intentions behind the Securities Act of 1933 and the Securities Exchange Act of 1934 are commendable, we must recognize that these were designed in a vastly different era. The world has evolved, and so has the realm of financial assets. Applying a one-size-fits-all approach, especially one from nearly a century ago, could rob many families, like mine, of the opportunity to navigate this new financial frontier. Furthermore, regulatory duplication not only burdens businesses but also consumers. We're already grappling with a complicated financial landscape. This additional layer only exacerbates the challenges we face daily. And it's not just about our family's financial health today, but also about our children's future. We hope to leave behind a legacy, a world where they have the freedom and tools to forge their own financial paths. The global nature of cryptocurrencies means that while you might tighten regulations here, the industry and its innovations could simply shift elsewhere. This would mean that while the rest of the world progresses, families like mine, who banked on this industry's potential, could be left grappling with outdated systems, dwindling opportunities, and a playing field that's no longer level. In closing, I urge the SEC to consider the wider implications of their actions – not just for the industry, but for the countless families who see cryptocurrencies and digital assets as more than just a trend. For many of us, they represent hope, innovation, and a chance at a better financial future. I hope my personal perspective provides some insight into the broader implications of your decisions. Thank you for your time and consideration. Warm regards, John Pinner