Oct. 17, 2023
To the SEC, As a concerned citizen, I strongly oppose the proposed legislation by the SEC regarding the safeguarding of advisory client assets in the context of cryptocurrency and digital assets. While I understand the need for regulatory measures to protect investors, I believe that the SEC is overreaching in this case, which could stifle innovation and hinder the growth of the cryptocurrency industry. Firstly, it is important to note that existing laws already provide a framework for the regulation of digital assets. The SEC's attempt to extend its jurisdiction beyond its intended scope is a clear example of regulatory overreach. The SEC's primary mandate is to protect investors and maintain fair and efficient markets, but it should not impede the development of new technologies and industries. Furthermore, the proposed legislation fails to consider the unique characteristics of cryptocurrencies and digital assets. Unlike traditional financial instruments, cryptocurrencies operate on decentralized networks and are not subject to the same intermediaries and custodians as traditional assets. Imposing stringent custody requirements on digital assets could undermine their fundamental principles and hinder their adoption. Additionally, the SEC's proposed legislation could have unintended consequences for small businesses and startups in the cryptocurrency space. Compliance with the proposed regulations would impose significant costs and burdens on these entities, potentially stifling innovation and driving down growth and innovation. We the people will not stand for such gross overreach of the government and are fighting back. This is NOT WHAT WE WANT! Thank you, Matt Treat