Abstract: Due to the great differences in concept and content between the regulatory norms of online fund-raising and those of offline fund-raising, the criminal law may draw different conclusions of crime and non-crime when evaluating homogenous behaviors, that is, the borrower is legal if it does not violate other prohibitive provisions in online fund-raising while, in an offline environment, it is still subject to the negative evaluation of criminal law. This unreasonable “dual standard” phenomenon is mainly caused by the difference of supervision concept and the generalization of specific concepts, which can be resolved from the following two aspects. At the level of interpretation theory, this crime protects a specific market transaction order, that is, the transaction rules that prohibit the fund-raising by promising to guarantee the principal and pay interest. If the general fund-raising behavior does not have the property of capital preservation, it does not belong to the behavior type regulated by this crime. At the level of legislation theory, we should change the concept of financial supervision, revise the content lagging behind the development of the times, and build a complete and coordinated financial supervision and regulation system.