Subject: S7-04-23: Webform Comments from Philipp
From: Philipp Herrmann
Affiliation: eMBA General Management

Oct. 30, 2023

Dear Securitiers and Exchange Commission,

Especially in the field of cryptocurrencies, there is still a lot of
uncertainty regarding the definition and classification of such
assets.

To my knowledge, the head of the SEC does not have a clear answer to
the question of whether Bitcoin (BTC) is a security or not. Most
recently he was asked about this before Congress. So we have no
clarity about it. Nevertheless, the SEC is preparing to declare
various cryptocurrencies as securities without providing clear
evidence or is assuming it without providing sufficient evidence.
An example of this is, for example, XRP.

In my opinion, the SEC should be able to clearly define what a
security is. Since this does not seem possible at the moment, the
authority must first be clear about this before making appropriate
interpretations and issuing laws and regulations.

Therefore my verdict at the current time and in the current situation
is:
Any rule or law that cannot be implemented must be rejected.
Instead, experts from the cryptocurrency sector should sit down with
the SEC and look for solutions in which cases and how the crypto
market should be regulated.

Sincerely,
Philip Herrmann