Oct. 19, 2023
To whom it may concern, ?? I am a 60 year old business professional / entrepreneur that has owned an operated a business for 30 years.?? Part of my business strategy over the years has been to invest company profits into the cryptocurrency industry.?? My attraction to the industry centers around the decentralized nature of the finance and innovations brought to the space.?? I have made returns on my investments in this space and paid capital gains to the Federal, State and Local governments on these returns.?? From all perspectives, it has been good for me, good for the local and Federal governments. ?? Recently I have become aware of the SEC???s proposed IA-6240, with objectives to ???safeguard advisory client assets???, therefore, protecting the investor against loss.?? I have been investing in this space since 2017.?? Prior to the recent ???interventions??? by the SEC, I have not been hurt or suffered financial loss or harm.?? Since this is a decentralized investment space, I am responsible for performing due diligence prior to investment and therefore am in control of the financial decisions and directions of my investments.?? Since the SEC intervention, I have seen all of my investments plummet by 60-70 percent due to the destructive consequences of SEC actions!?? I have personally witnessed otherwise viable businesses in the cryptocurrency space discontinue offering technology services out of concern of burdensome proposals or threats of financial liabilities. ?? There needs to be a clear delineation between centralized and de-centralized finance.?? DeFi platforms operate on a decentralized network, where users have control over their assets without the need of intermediaries.?? The SEC???s proposal could force DeFi platforms?? to use qualified custodians, which could lead to centralization and a loss of user control over their assets.?? This could also increase the cost of using DeFi platforms, making them less accessible to the average person.?? More importantly, the Proposal could create a regulatory burden for DeFi platforms, which could lead to a decrease in innovation and growth in the industry.?? This could stifle competition and limit the potential benefits that DeFi platforms can provide to users. ?? In conclusion, the SEC???s Proposal will have a negative impact on the DeFi and cryptocurrency industry.?? It will lead to centralization, increase costs, and stifle innovation and growth.?? Increased centralization in the cryptocurrency market could have significant repercussions for the cryptocurrency market.?? It will likely make it difficult for smaller cryptocurrency project to gain traction, as investment advisors may be hesitant to invest in them due to increased regulatory burden.?? This could stifle innovation in the cryptocurrency space and limit the potential of decentralized finance.?? ?? Thank you for your considerations and review of my comments. ?? EMP South Bend, IN