The European Supervisory Authorities (European Securities and Markets Authority, European Banking Authority, and European Insurance and Occupational Pensions Authority—the ESAs) warn consumers that many crypto assets are highly risky and speculative. In a statement, the ESAs stated, "These (crypto assets) are not suited for most retail consumers as an investment or as a means of payment or exchange. Consumers face the very real possibility of losing all their invested money if they buy these assets. "