Oct. 15, 2023
Dear Members of the Securities and Exchange Commission, . I write to share my reservations about a proposed rule designed to protect the assets of adviser clients, with a particular focus on the use of cryptocurrencies and other digital assets. While I appreciate the Commission's mandate to protect investors and maintain market integrity, I worry that the proposed approach may not capture the unique aspects and potential of blockchain technology and digital assets in the 19th century. To begin with, I want to emphasize that existing federal securities laws, specifically the Securities Act of 1933 and the Securities and Exchange Act of 1934, have implemented comprehensive regulatory frameworks that have been adapted for digital assets as well to ensure accountability in business Furthermore, I believe that imposing additional fundamental rules on digital assets could stifle innovation and create unnecessary burdens for investors and market participants. Digital assets are still in their infancy, and a one-size-fits-all legal approach may not be appropriate for this diverse and rapidly evolving landscape I strongly urge the Commission to engage further with industry stakeholders, technology experts and lawyers to fully understand the implications of the proposed regulations and to consider alternatives that would better suit the unique characteristics of digital assets. Doing so would not only support the SEC’s mission of investor protection but also facilitate healthy growth in high-potential emerging markets. Sincerely, Yordan Belemezov