Dear Securities and Exchange Commission, I am writing this letter with growing frustration and disappointment regarding the proposed rule on Safeguarding Advisory Client Assets. It seems that once again, regulatory agencies are failing to adequately protect investors from scams and fraudulent activities, while simultaneously targeting companies that have not caused any harm. Over the years, we have witnessed numerous scams and fraudulent schemes targeting unsuspecting investors, resulting in irreparable financial losses. Yet, regulatory agencies have continually fallen short in their efforts to prevent such incidents and hold the culprits accountable. It is disheartening to see hard-earned savings vanish into thin air, while those responsible for these scams continue to operate with impunity. One would think that a rule on safeguarding client assets would prioritize the protection of investors from such fraudulent activities. However, this proposal appears to miss the mark once again, failing to address the systemic issues that enable these scams to flourish in the first place. Instead of targeting companies that have not caused any harm, why not focus on robust enforcement actions against those responsible for scamming innocent investors? Why not allocate resources and create mechanisms for early detection and prevention of fraudulent activities? These actions, rather than burdening law-abiding companies, would go a long way in safeguarding investor interests. It is particularly perplexing to witness the scrutiny that companies like Binance face, while others like Celsius and FTX seem to evade such regulatory attention. One wonders why the focus is being misplaced, attacking companies that have not harmed investors, while allowing others with questionable practices to continue operating unchecked. Furthermore, it is essential for regulatory agencies to proactively address emerging technological advancements that pose new risks to investors. Digital assets, such as cryptocurrency, have become pervasive in today's market, yet the regulatory framework struggles to keep up with these developments. It is high time that comprehensive rules and robust enforcement actions are put in place to protect investors engaging in these emerging asset classes. In conclusion, I implore the Securities and Exchange Commission to reevaluate its approach in protecting investors from scams and fraudulent activities. Rather than disproportionately targeting certain companies, it is crucial to focus on preventing fraudulent schemes and holding the responsible parties accountable. The lack of adequate protection for investors is not only distressing but also undermines confidence in the financial industry as a whole. Thank you for considering my frustration and concerns, and I hope that this letter serves as a call to action in prioritizing the protection of investors. Sincerely, Ahmed Kallel