Oct. 22, 2023
Dear SEC, I am writing to express my concerns regarding the proposed rule, Safeguarding Advisory Client Assets. While I understand that the rule aims to protect investors who invest in private funds, I believe that it could stifle competition, hurt global citizens, and overextend definitions. The proposal could also pose risks to digital assets by requiring audited financial statements of non-U.S. clients to contain information substantially similar to statements prepared in accordance with U.S. GAAP and material differences with U.S. GAAP to be reconciled. This could lead to overregulation and potential overreach by the SEC. I urge the SEC to consider the potential risks of this proposal and ensure that safeguards are in place to promote responsible development of digital assets. This will help protect consumers, investors, and businesses; maintain privacy; and shield against arbitrary or unlawful surveillance, which can contribute to human rights abuses. Thank you for your attention to this matter.