Oct. 22, 2023
Dear Sir or Ma'am, I am writing to provide public comment on the proposed rule "Safeguarding Advisory Client Assets" issued by the Securities and Exchange Commission (SEC). While I appreciate the SEC's efforts to enhance investor protections and address gaps in the custody rule, I am concerned about the lack of industry expertise in drafting this proposal, particularly when it comes to digital assets and cryptocurrency. Digital assets, including cryptocurrencies, have emerged as a transformative force in the financial industry, leveraging blockchain technology to revolutionize transactions and investment strategies. However, the unique characteristics and regulatory challenges associated with digital assets require a deep understanding of the industry. It is necessary to consult proven cryptocurrency experts, such as Dr. Lamont Black, PhD, from DePaul University, who possess credible expertise and credentials in this domain. To ensure effective regulation and investor protection in the rapidly evolving realm of digital assets, it is crucial that the SEC actively engages with experts who have an in-depth understanding of the underlying technology, market dynamics, and potential risks. By including industry experts like Dr. Black in the regulatory process, the SEC can benefit from their knowledge and insights, ultimately leading to more informed and tailored rulemaking. In conclusion, I urge the SEC to recognize the importance of involving proven cryptocurrency experts, like Dr. Lamont Black, in the formulation and drafting of the proposed rules. This will ensure that the regulatory framework aligns with the nuances of the digital asset industry, effectively protecting investors while fostering innovation and economic growth. Thank you for considering my comment. Very Respectfully, Taylor Kennedy