The Zcash policy group Pretty Good Policy for Zcash (PGPZ) submitted comments to the U.S. Securities and Exchange Commission (SEC) on October 20, urging the SEC to allow token issuers to protect the privacy of unrelated wallet activity when disclosing fundraising information in its proposed rules for crypto asset fundraising, while still requiring disclosure of significant holdings and conflicts of interest. PGPZ believes that disclosure should be limited to information investors need to verify and suggests that the SEC explicitly permit the use of accounting records, cryptographic proofs, and selective disclosure of relevant records to demonstrate compliance without exposing a complete financial history.