Apr. 17, 2023
Hi There, I am writing to express my support for this rule proposal. I believe it is vital that existing rules should apply to platforms that trade crypto asset securities, including "DeFi" systems. It is no secret that a lot of fraudulent activity is occurring right now in platforms that are trading crypto asset securities. One only has to look at the existence of tokenized stocks to know they are currently attempting to avoid securities laws by tokenizing stocks and using them as locates rather than buying actual stocks that they should be. FTX is a prime example of the blatant abuse of this. We know tokenized stocks are not truly backed 1 to 1 because FTX was revealed to not be actually buying any of their stocks that they should have been. By ensuring securities laws and existing rules apply to platforms that trade crypto asset securities including DeFi systems, we can make the market more transparent and fair for Household Investors. This will prevent ongoing fraud from continuing in the crypto market and improve investor confidence in the future transparency and fairness of the crypto markets. The purpose of our rules and regulations are to ensure transparency and fairness - if these rules don't apply to platforms trading crypto asset securities including DeFi systems, then those platforms will continue to be abused to skirt around regulations and existing laws. If existing rules apply to platforms that trade crypto asset securities, including "DeFi" systems we can prevent the abuse and criminal activity from continuing further and improve household investor confidence in the SEC and our markets. To Gary Gensler and those fighting to make markets more transparent and fair - Keep doing all you can to speak up for Household Investors. We see your efforts and we stand behind you in full support. All The Best, -- Matthew J. McMahon