According to online reports, according to Cointelegraph, U.S. Securities and Exchange Commission (SEC) Commissioner Hester Peirce said at the SEC's "Know Your Custodian" roundtable that when U.S. financial institutions handle cryptocurrency business, it is like playing a game of "the floor is lava" in the dark. Peirce explained that SEC registrants have to treat cryptocurrency-related activities like "the floor is lava," with the purpose of jumping from one piece of furniture to the next without touching the ground, except here, direct contact with cryptocurrency is lava. "The Washington, D.C. version of this game is our approach to regulating cryptoassets, especially crypto-asset custody," she said. Due to unclear regulatory rules, companies that want to participate in cryptocurrencies must avoid directly holding cryptocurrencies. Hester Peirce said,"It's time for us to find a way to end this game. We need to turn on the lights and build some sidewalks in the lava pits,"