Dear Securities and Exchange Commission, I am writing to express my concerns regarding the proposed rule on "Safeguarding Advisory Client Assets." While I acknowledge the importance of enhancing investor protections and addressing gaps in the custody rule, I believe that certain aspects of the proposed rule may have a potentially negative impact on blockchain innovation and impose unnecessary regulatory burdens. Firstly, I am concerned about the potential excessive regulatory burdens and impediments that the proposed rule may impose on blockchain innovation. Blockchain technology has the potential to revolutionize various industries, including finance and investment. However, by imposing stringent regulations and reporting requirements on blockchain protocols, the proposed rules may hinder the development and adoption of this transformative technology. It is crucial that any regulatory measures strike a balance between investor protection and allowing for technological innovation and growth. Furthermore, the proposed regulations do not sufficiently limit reporting requirements for protocols run outside the United States and for users outside the United States. This lack of limitation could result in unnecessary compliance burdens for market participants operating internationally. It is important to consider the global nature of the blockchain industry and ensure that the proposed rules do not create obstacles for cross-border participation, which could ultimately impede innovation and competition. Additionally, I am concerned about potential government overreach through the proposed rules. While it is essential to protect investors and safeguard client assets, it is equally important to avoid excessive regulatory interference that could stifle innovation and hinder market efficiency. The proposed rule should demonstrate a careful consideration of the appropriate balance between investor protection and allowing market forces to function effectively. In conclusion, I urge the Securities and Exchange Commission to carefully consider the potential negative impact on blockchain innovation and the need to limit reporting requirements for international protocols and users. I also encourage the SEC to ensure that the proposed rules do not exceed the necessary regulatory framework required for investor protection and prevent government overreach. By doing so, we can maintain a conducive environment for innovation and investment while adequately safeguarding the interests of investors. Thank you for considering my comments. I appreciate the opportunity to contribute to the public discussion on these important matters.