Dear Securities and Exchange Commission, I am writing to express my concerns regarding the proposed rule on "Safeguarding Advisory Client Assets." While I commend the SEC's efforts to enhance investor protections and address gaps in the custody rule, I believe there are certain aspects that require further consideration, particularly concerning the potential negative impact on blockchain innovation and its broader implications for future business and financial inclusion. Digital assets, such as cryptocurrencies, have emerged as transformative technologies in the financial industry. Blockchain technology, on which these assets are built, offers unparalleled transparency, security, and efficiency. By imposing excessive regulatory burdens and impediments, the proposed rules risk stifling blockchain innovation and hindering the growth of this promising sector. Blockchain technology has the potential to revolutionize various aspects of finance, including payments, asset tokenization, and decentralized finance. It presents new opportunities for financial inclusion, allowing individuals who are currently underserved by traditional banking systems to access transparent and efficient financial services. The proposed rules should be mindful of the impact they may have on limiting the potential benefits that blockchain technology can offer. Furthermore, the proposed rules may inadvertently disadvantage smaller entities and startups operating within the blockchain ecosystem. Compliance with complex and expensive regulatory requirements can pose significant challenges for these firms, potentially stifling their growth and hindering competition. It is essential to strike a balance between investor protection and supporting innovation and competition in the blockchain space. In addressing the concerns raised by the proposed rules, it is crucial to leverage the expertise and insights of industry participants to develop a framework that is flexible, accommodates technological advancements, and encourages responsible innovation. Collaborative efforts between regulators and industry stakeholders will better serve the interests of investors while stimulating economic growth. I urge the SEC to carefully consider the potential impact of the proposed rules on blockchain innovation and the broader implications for future business and financial inclusion. Regulatory frameworks should be designed to foster innovation, rather than hinder it. By providing a supportive environment for blockchain technology, regulators can help unlock its transformative potential and ensure a more inclusive financial system. Thank you for considering my comments on this important regulatory matter. Sincerely, Bob