Oct. 30, 2023
Dear Securities and Exchange Commission, I am writing this public comment in response to the proposed rule on "Safeguarding Advisory Client Assets", and I have a concern regarding the potential negative impact on investor access to digital assets. While I understand the need for enhanced investor protection and the safeguarding of client assets, it is important to consider the implications these proposed rules may have on the ability of investors to participate in this emerging asset class. Digital assets, such as cryptocurrencies, provide a unique investment opportunity for individuals who may have limited access to traditional financial markets. These assets have shown tremendous potential for growth and have garnered significant interest from retail investors. However, the proposed rules may restrict investor access to digital assets, limiting their ability to diversify their portfolios and potentially benefit from the growth of this asset class. Furthermore, the rules require advisers to disclose sensitive financial data and personal information to custodians. As an investor, I am concerned about the privacy and safety associated with allowing so many third parties to have access to my sensitive financial data, including my social security number. It is crucial that investor privacy is adequately protected, and that there are safeguards in place to prevent any unauthorized access or misuse of this information. I believe it is essential to strike a balance between investor protection and providing opportunities for investors to access and participate in emerging asset classes. As the regulatory landscape for digital assets continues to evolve, it is crucial that the SEC takes a proactive approach in understanding and adapting to new technologies and investment opportunities. In conclusion, I urge the Securities and Exchange Commission to carefully consider the potential negative impact of the proposed rules on investor access to digital assets. It is important that any regulations put in place prioritize investor protection while also encouraging innovation and inclusivity in the financial markets. Thank you for considering my concerns. Sincerely, Crypto Bae