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Absolutely the worst rule proposal I could imagine hearing. Please vote no on this.
This rule would certainly cause a major disruption to advisor's and their clients, especially,
to smaller clients who may not qualify for RIA status.
I see no reason why a financial advisor should need permission from a broker/dealer before owning crypto assets. This has nothing to do with their duties as advisors.
Separately, allow me to say wow. How much time and energy did staffers at FINRA spend on the excessive verbiage that went into this notice and all the deliberations over proposing such a silly and unnecessary rule? You guys need to be DOGE'd.
I oppose FINRA Regulatory Notice 25-05 and Proposed Rule 3290
I just don't see the benefit of this rule change requirement. Especially after the fact. If it were a requirement originally OK, but not afterwards. Maybe make it a requirement for new RIA's or post date it to a future date requirement. If FINRA interferes with Crypto investments at this stage it will just hurt all investors. FA's wiil just go to the alternative route, therefore eliminating the FINRA rule change, or FiNRA itself alltogether. We need pro active Crypto investment support at this point not hindered by a stupid unnecessary rule change.
