According to online reports, Caroline Crenshaw, Commissioner of the U.S. Securities and Exchange Commission (SEC), expressed different views on how existing securities laws should protect digital assets. She said that the concept of custody in the federal securities law is based on the concept of trust. If a dual custody system is specifically established for cryptocurrencies, it may increase investor risks, mainly including: 1. Can a separate cryptocurrency custody regulatory system provide the same protection as existing standards? 2. How to ensure that the cryptocurrency regulatory system is as robust as the existing system? 3. How to ensure that investors clearly understand the difference between the risks of traditional custodians and those of crypto-asset custodians?