"Any discussion of crypto trading quickly reveals the immense complexity and unique nature of these transactions," said SEC Commissioner Caroline A. Crenshaw at the second cryptocurrency roundtable. She noted that "investors are not aware that their crypto assets may be held in wallets under the sole control of the exchange. In bankruptcy proceedings, crypto assets held in custody are considered the property of the exchange. Their investments are not covered by FDIC or SIPC insurance." She stressed that "these unmitigated risks pose a greater threat to the orderly functioning of the crypto market, and even to the banking system and traditional finance."