Oct. 30, 2023
Dear Securities and Exchange Commission, I am writing to express my deep concerns regarding the proposed rule on "Safeguarding Advisory Client Assets," and I just can't keep my thoughts to myself any longer. While I appreciate the SEC's intention to enhance investor protections and address gaps in the custody rule, I find myself scratching my head and wondering, "Have they thought this through?" First and foremost, let's talk about the definition of digital assets. Now, I don't claim to be the next Satoshi Nakamoto, but even I know that terms like "platform," "software," and "ledger" need a little more context. Are we talking about blockchain, NFTs, or some futuristic virtual reality? Just tell me, SEC, are we investing in futuristic holograms now? And let's not forget about the all-important "wallet" and "validator." Are we talking about your everyday back pocket wallet, or are we diving into the realm of some mythical treasure chest hidden deep within the digital world? And who exactly is this validator? Is it a judgmental robot passing verdicts on our investment choices? I can barely handle my mom's disapproving looks, let alone judgment from a cold, metallic being. Now, I understand that regulatory oversight is important, but if we don't even know what we're regulating, how can we expect to enforce it? It's like trying to build a spaghetti bridge without knowing what pasta we're dealing with. Can we at least have a consensus on the definitions before unleashing the regulatory hounds? So, here's what I propose: let's bring together some experts who can decipher this digital jungle for us. Industry collaboration is the key, SEC. We need the tech gurus and the brilliant minds to sit down and hash out these definitions. Because unless we're all playing by the same rules, it's going to be one big game of regulatory Russian roulette. In conclusion, SEC, I kindly request that you step up your game when it comes to defining digital assets. Collaborate, think outside the box, and for the love of all that is holy, clarify these terms so we can all play on a level playing field. Otherwise, we'll just be frantically waving around a digital carrot while the rabbits feast on our investor protection dreams. Thank you for understanding my concerns, and I hope you take these suggestions to heart. Yours sincerely, Nathan - Just another bewildered investor