Oct. 23, 2023
I would like to express my concerns regarding the SEC's new proposed rule concerning the safeguarding of clients' funds and securities by third parties, all in the name of consumer protection. I strongly believe that this new rule infringes upon fundamental privacy and human rights and should not be enacted. The proposed rule dictates that if a consumer opts to use an investment adviser, that adviser must utilize a custodian, such as a bank or broker-dealer, to hold their funds. Additionally, the adviser must be registered with the SEC, subjecting them to strict annual surprise examinations by an independent public accountant. The proposed requirements potentially concentrate control, reduce privacy, limit free association, and presume guilt without due process. This violate both the decentralization ethos and established rights meant to protect personal and business autonomy. While protecting consumers is important, regulations must adhere first and foremost to the constitutional liberties and human right that we all are born with. We, as a human being, should have the right to choose how we want to hold our assets. So I urge the SEC to reconsider this proposed rule with those principles in mind. There should be less burdensome alternatives to achieve the intended goals without compromising our rights.thanks..halim