Oct. 25, 2023
Dear Securities and Exchange Commission, I am writing to provide my public comment on the proposed rule "Safeguarding Advisory Client Assets", as outlined in the PDF summary released by your agency. I have carefully reviewed the proposal, and I have several concerns regarding its potential overreach of regulatory authority. One specific area that I find problematic is the treatment of digital assets, particularly cryptocurrencies. It is clear that digital assets, such as cryptocurrency, are transforming the financial industry and offering new opportunities for investors. However, the regulatory uncertainties surrounding these assets pose significant challenges. I am deeply concerned that the proposed rule fails to fully acknowledge the transformative potential of digital assets. By subjecting digital assets to the same regulatory framework as traditional securities and assets, there is a risk of stifling innovation and hindering American citizens from participating in the forefront of this rapidly evolving industry. Furthermore, I believe that the proposed rule may infringe on constitutional freedoms. It is crucial that everyday Americans, like myself, are not unjustly left behind while the rest of the world is embracing and benefiting from new financial technologies. Unfortunately, due to regulatory overreach, we are restricted from fully engaging in these innovations. It is my belief that all Americans deserve the opportunity to participate in new industries and technologies without unnecessary governmental interference. I want to emphasize the importance of blockchain technology and its potential to create a trustless and transparent financial framework. All law-abiding citizens should have the right to partake in this system. Moreover, the term "security" in the context of digital assets should not be used to restrain, regulate, or control individuals' financial decisions. As recognized by the United States Constitution, Americans have the right to choose and own property, including digital assets, without unnecessary limitations or regulatory constraints. I implore the Securities and Exchange Commission to reconsider the proposed rule and its potentially detrimental effects on the development and adoption of digital assets. As the global financial landscape evolves, it is critical that the United States encourages innovation and embraces the transformative potential of blockchain and cryptocurrencies. By doing so, we can foster technological advancement, empower individual investors, and maintain our position as a global leader. Thank you for taking the time to consider my concerns. I hope that my comments will contribute to a thoughtful and comprehensive discussion on this important matter. Sincerely, Zachary Tyler Carrera