[Galaxy: Structural Conflict Between U.S. SEC Custody Rules and DeFi Demand] According to a report by Jinse Finance, Galaxy stated that many Registered Investment Advisors (RIA) face challenges in complying with U.S. SEC custody rules while meeting client demands to allocate funds to DeFi. The primary issue lies in the current rules requiring client assets to be stored with qualified custodians, effectively excluding self-custody options and making it difficult for traditional financial accounts to directly participate in DeFi strategies. Galaxy believes that a potential solution in the future could involve establishing a principle-based regulatory framework, including MPC key management, governance controls, third-party audits, on-chain transparency, and rigorous protocol due diligence mechanisms. This would enable on-chain asset allocation capabilities without compromising regulatory objectives.