Oct. 22, 2023
Dear Securities and Exchange Commission, I hope this letter finds you well and coping with the ever-evolving world of cryptocurrencies and open finance platforms. I wanted to share some concerns I have regarding the proposed rule on "Safeguarding Advisory Client Assets."I understand the need for enhanced investor protections, and I completely agree that it's crucial to ensure the security of client assets. However, when I read about the timeline for implementation. It's almost as if the regulators are saying, "Surprise! Here are some new rules, and you have to implement them right now!" Crypto apps take some time to evolve into user-friendly and foolproof platforms without compromising data security. Let's be honest, traditional systems weren't exactly known for their security prowess, while being a walk in the park to use.Speaking of traditional systems, my main concern is how these proposed rules might hinder the growth and adoption of open finance platforms. You see, open finance has the potential to revolutionise the financial industry, bringing greater accessibility and transparency to the masses. But, if we slap on regulations like sticky tape, we risk stifling the innovation and eliminating the incredible benefits that these platforms can deliver.And let's not forget about the international implications. Crypto operates on a global scale, much like a road trip with no boundaries (metaphorically speaking, of course). If we jump into rigid regulations without considering the diverse and ever-changing ecosystems across jurisdictions, we might find ourselves lost without a GPS. It's high time we engage in international collaborations and discussions to ensure a harmonised approach that fosters growth and protects investors.I want to emphasise the importance of finding the right balance between robust security and user-friendliness. Crypto might stumble and make mistakes along the way, So, let's give these platforms the time they need to develop more user-friendly interfaces while ensuring the highest level of security, the fight between all the cryptos is what is driving innovation, just as it did with the early stages of the internet. In conclusion I urge you to consider my concerns. Let's approach these regulations with more understanding of how technology grows and evolves. Wish you all the best in your crucial role of safeguarding our financial ecosystem. Sincerely, David Hacker