Oct. 28, 2023
I am writing to express my concerns about the potential collaboration between the SEC and the crypto ecosystem. As a concerned citizen, I believe it is essential to maintain a clear separation between regulatory bodies and the rapidly evolving crypto industry. The proposed custody rule, while aiming to ensure investor protection, may inadvertently lead to unnecessary intervention in the crypto space. The decentralized nature of many digital assets often necessitates a more nuanced understanding of custody, one that might not align with traditional regulatory frameworks. Excessive collaboration between the SEC and the crypto industry could potentially stifle innovation and deter the open, decentralized ethos that underpins many crypto projects. It is crucial to avoid any measures that could give rise to an over-regulated environment, limiting the potential for technological advancement and market competition. I encourage all parties involved to approach this issue with caution, ensuring that any regulatory measures put in place are balanced and fair. Maintaining a healthy separation between regulators and the crypto ecosystem would allow for the industry to thrive, fostering innovation and ensuring a competitive edge for the nation on the global stage. Thank you for considering these concerns. I hope my input contributes to a robust and independent discussion on this matter.