Oct. 16, 2023
To whom it may concern at SEC, Cryptocurrencies are a new technology that did not exist when many securities laws were written. As a result, existing laws may not adequately address or contemplate features of crypto like decentralization, tokenization, DeFi protocols, etc. Trying to rigidly fit crypto into outdated rules could stunt innovation. The crypto space moves very rapidly with new projects, protocols, and use cases constantly emerging. Older laws are static and may be too blunt or slow to properly regulate such a fast-paced industry. This could lead to the rules being circumvented. Many cryptocurrencies have evolved beyond just being investable assets and have developed utility purposes like powering networks or applications. Strictly treating all crypto as securities may overlook their technological capabilities. While investor protection is important, applying outdated regulations too stringently could undermine innovation in the crypto industry. The SEC should aim to develop new guidelines tailored to crypto rather than relying solely on rules not designed with digital assets in mind. An open and adaptive approach may be more prudent. Sincerely, Brad Hobson