Oct. 30, 2023
Dear Securities and Exchange Commission, I am reaching out to express my profound discontent regarding the proposed rule on "Safeguarding Advisory Client Assets." It is increasingly evident that this proposed rule, instead of bolstering investor protections, is another calculated move within the SEC's trend of catering to select interests. It is disconcerting to observe the SEC's seemingly deliberate leanings towards favoring large financial institutions and Wall Street elites, consistently sidelining the interests of the common investor. In its attempt to govern digital assets, it seems the SEC is fully aware that it is overreaching its jurisdiction, treading into domains best overseen by specialized and proficient agencies. Digital assets, particularly those based on blockchain technology, are rapidly revolutionizing our financial structure. Contrary to the narrative of inexperience or unfamiliarity with this domain, it seems the SEC is willfully curtailing innovation with its imposition of undue regulations. It's becoming apparent that the SEC is not the best-suited entity to oversee this burgeoning digital asset sector. The modifications suggested for the surprise examination requirement unveil the SEC's predisposition. The agency's overt focus on large corporations, who can effortlessly manage these changes, while placing unnecessary strains on smaller investment advisers, is a strategic maneuver that cannot be overlooked. The smaller entities are paramount to our economy's growth, and it is disheartening to witness their deliberate sidelining. The public's perception of the SEC is rooted in deliberate maneuvers favoring certain elite interests. The evident affiliations between the SEC and Wall Street giants, the interchangeability of personnel between the SEC and financial sectors, coupled with numerous instances of apparent favoritism, have led to significant skepticism. The SEC is urged to address and rectify these concerns in order to restore its credibility. To this end, I urge the SEC to retract the proposed rule on "Safeguarding Advisory Client Assets" and undertake an exhaustive reevaluation of its operational methodologies. The focus should be centered on the collective interests of investors, ensuring a transparent and fair financial market. The SEC's role as a beacon of fairness and transparency must be reestablished with urgency. I am watching the SEC's actions intently, awaiting concrete steps that confront the underlying issues causing public skepticism. We envision a robust financial framework that upholds the interests of all. Best Regards, Roger Sent with Proton Mail secure email.