Oct. 30, 2023
Dear Securities and Exchange Commission, I am writing to express my concerns regarding the proposed rule "Safeguarding Advisory Client Assets" (Release No. IA-5494; File No. S7-22-19). While I appreciate the SEC's efforts to enhance investor protections and address gaps in the custody rule, I believe that there are deeper issues within the SEC that need to be addressed. One major concern is the corruption that has been found within the SEC in recent years. There have been instances where the SEC has targeted and taken down individuals and companies without conducting thorough research or following proper procedures. This not only undermines the integrity of the SEC but also harms innocent individuals and stifles innovation within the industry. It is important for the SEC to regain the trust of investors and market participants by addressing and rectifying these issues. The SEC should prioritize conducting unbiased and thorough investigations, relying on accurate and reliable information, and ensuring that they are targeting the right individuals and companies who pose actual risks to investors and the market. Additionally, there have been cases where the SEC has failed to understand and adapt to the rapidly changing landscape of the financial industry. The rise of digital assets and decentralized finance (DeFi) has brought about new challenges and opportunities. It is imperative for the SEC to properly educate themselves and engage with industry experts to fully comprehend the potential benefits and risks associated with these advancements. Rather than targeting and impeding the growth of decentralized finance and digital assets, the SEC should embrace the potential they hold for financial innovation and inclusivity. By fostering a regulatory environment that encourages responsible development and safeguards investors, the SEC can contribute to the growth and success of this emerging sector. In conclusion, I respectfully urge the SEC to address the corruption within its own ranks and the need for more thorough research and investigations. It is crucial for the SEC to regain the trust of investors and market participants by conducting unbiased and accurate assessments. Additionally, I encourage the SEC to better understand and adapt to the advancements in the financial industry, including decentralized finance and digital assets, in order to promote innovation while protecting investors. On numerous occasions the SEC has hindered the developments of decentralised finance rather than embrace it and give power to the people, which is what a democracy should actually be, there seems to be the attempted shutting down of forces for good in the industry. America is meant to be a place of ‘freedom’ yet it is becoming closer to a totalitarian state with zero account for what the people want. It is time to drop false accusations that have no evidence whatsoever. Decentralised Finance and Blockchain technology helps the SEC prove whether something is true or false yet the SEC are trying to ban and sweep under the rug the technology which can very much solve these problems of corruption and finally give people true self-custody which has been taken away over the last few decades. Thank you for considering my concerns on these important matters. Sincerely, Greg Sullivan