Cryptocurrency and tech crypto present different risks that public policy could address. In cryptocurrency, the risks more or less resemble those of traditional finance: third-party custody, third-party facilitated payments, retail investor protection, illicit finance, and market manipulation, among others. CeFi is a lot like traditional finance (TradFi), after all. Crypto tech risk encompasses some of these categories, but also includes some entirely different ones: dangerous self-custody, vulnerable smart contracts, good and bad actors with equal access, and public, pseudonymous, and irreversible transactions. . DeFi opens up a whole different set of issues that public policy is unfamiliar with.