For the past eight years, we at Blockchain Capital have been directly investing in the future of an open, free, fair and safe global financial ecosystem that allows for increased financial access and the flourishing of innovation. It has been a great joy to the see the industry evolve so extensively over that time. That evolution has also brought about the challenge of assessing how regulation should attach to this new technology and asset class. Meeting this challenge is a natural and important part of the maturation of a nascent industry. We firmly agree that combating money laundering, terrorist financing and other illicit financial activity is critical to the ongoing health and growth of an evolving financial infrastructure. However, regulations aimed at protecting our financial infrastructure must be appropriately tailored to effectively combat illicit activity while also protecting individual freedoms and promoting innovation. We believe FinCEN’s proposed rulemaking does neither.