Due to the difficulty of fully aligning digital assets with existing U.S. Generally Accepted Accounting Principles (GAAP) and International Financial Reporting Standards (IFRS), crypto funds face severe accounting and audit challenges in both the United States and the European Union, resulting in significant uncertainties regarding classification, valuation, and disclosure. The European Union is advancing standardization through regulations such as the Markets in Crypto-Assets Regulation (MiCA), while the United States relies on an interpretive approach, which exacerbates the inconsistencies and risks faced by auditors and fund managers.