Oct. 30, 2023
To whom may be reading, The potential for unforeseen consequences or negative externalities due to overreach, lack of clarity and compliance costs will foster growth and development in this emerging sector. Unfair treatment due to regulatory inconsistency in multiple countries will in my opinion have a drastic effect on the expansion of the United states economy and the ecosystem as a whole. I believe further detail on the specific types of information that will be collected as part of these proposed regulations, including any plans for sharing this information with other government agencies or private entities is essential. Regulators must consider the potential impacts of their rules on civil liberties and take steps to ensure that they preserve and protect individual freedoms guaranteed by the Constitution. Keeping with that the highest moral ethics in order not to segregate the population from international business relations. Proposed changes to rules secure that the SEC is reaching far beyond their cause and grossly exceeding the authority granted to them by congress. Without using due cause and consideration on market impact. The implementation of REG-122793-19 could discourage new startups and entrepreneurial endeavors. Leading to stagnation in market activity. As a regulatory body they should in fact protect the users from harm it is illogical to comprehend the SEC has no repercussions for harm they cause to markets. Indeed it is a good thing to have proper regulation. Done in a fair and just way. Once the regulators have such a market effect as it seems to be now, they should be very careful with what is presented and how it may impact current users. The largest risk right now in any financial system is Government regulatory bodies. Stifling innovation is a futile effort in a ever expanding world wide ecosystem. The abundance of un-clarity in the proposed "REG-122793-19" will create a unrealistic burden of reporting and the need to collect and store sensitive personal and financial information on third party platforms related to digital asset transactions that are yet to be proven as secure. Sincerely, C@N@D@