Oct. 30, 2023
Dear Sir/Madam, I am writing to express my strong objection to the proposed regulation, "Safeguarding Advisory Client Assets" (Release No. IA–6240), which seeks to amend the current custody rule under the Investment Advisers Act of 1940. As a concerned citizen and an active participant in the cryptocurrency space, I firmly believe that this regulation represents a significant overreach into the realm of cryptocurrencies, which should remain unregulated and decentralized as they have been since their inception. Crypto's decentralized nature is one of its most fundamental features, enabling financial inclusivity and security for individuals around the world. The proposed regulation threatens to disrupt this essential aspect of the cryptocurrency ecosystem. Here are several reasons supporting my objection: Preservation of Individual Rights: Cryptocurrencies have been embraced globally for their promise of financial sovereignty. This proposed regulation undermines individuals' rights to make autonomous financial decisions and maintain control over their assets. A central authority overseeing cryptocurrencies contradicts their very essence. Innovation and Economic Growth: Unregulated cryptocurrencies have paved the way for innovation, driving economic growth and technological advancements. Imposing excessive regulations would stifle this innovation and hinder the potential benefits that cryptocurrencies offer. Protection Against Corruption: Decentralized systems reduce the potential for corruption and ensure greater transparency. Imposing regulatory controls risks reintroducing corruption and inefficiency into the financial system, which cryptocurrencies have sought to eliminate. Global Nature of Cryptocurrencies: Cryptocurrencies transcend borders, providing financial access to unbanked and underbanked populations worldwide. The proposed regulation would create barriers and hinder the global reach of cryptocurrencies. Technological Sovereignty: Decentralized networks empower users to take ownership of their financial future, ensuring greater personal responsibility and control. Imposing regulations would undermine the principle of self-sovereignty that cryptocurrencies promote. I urge the Securities and Exchange Commission to reconsider this proposal and the potential consequences it may have on the cryptocurrency space. Instead of imposing stringent regulations, I believe that it is vital to embrace the decentralized nature of cryptocurrencies and allow the industry to continue its self-regulation and innovative potential. I appreciate the opportunity to express my objections to this proposal and request that my concerns be taken into account during the decision-making process. I firmly believe that a balanced approach to regulation is essential to protect both individual rights and the integrity of the cryptocurrency ecosystem. Thank you for your attention to this matter. Sent with Proton Mail secure email.