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Matthias Knab, Opalesque for New Managers:

Crypto Custody: Preserving Trust Amidst Innovation At the Third Crypto Roundtable, SEC Commissioner Caroline A. Crenshaw delivered a timely message on a crucial topic: safeguarding client assets in the evolving world of crypto custody. Commissioner Crenshaw opened by reminding attendees that custody - whether of traditional or crypto assets - is fundamentally about trust. Just as we expect airlines to deliver our luggage safely, investors must trust custodians to protect their assets. In finance, however, the stakes are far higher than lost luggage. The Importance of Existing Custody Rules Commissioner Crenshaw emphasized that current SEC custody regulations are a "gold standard" for investor protection. These rules have provided a stable foundation for U.S. markets, attracting investors and ensuring robust asset safeguarding. Some in the crypto community advocate for a distinct custody framework for digital assets. However, Commissioner Crenshaw urged caution. Any divergence from established custody standards must not erode the protections investors have come to rely on. Unique Risks in Crypto Custody Crenshaw outlined several challenges specific to crypto custody:

• Risks associated with blockchain protocols, smart contract vulnerabilities, and ......................

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