Digital assets are governed by no single statute, which means they are governed by all of them at once. This article explains how the existing law actually applies: when a token is a security, when it is a commodity, when transferring it makes someone a money transmitter, and what happens to customer assets when an exchange fails. It explains custody in operational terms — why "not your keys, not your coins" is a legal statement as much as a technical one — and what a bankruptcy court does with assets held in a custodian's name. It covers the tax treatment that surprises people most, the fraud patterns that dominate loss recovery, and the estate planning problem that has permanently destroyed more value than any hack. It closes with practical guidance for holders, businesses, and families.