We outline a model of the Crab Pulsar Wind Nebula with two different populations of synchrotron emitting particles, arising from two different acceleration mechanisms: (i) Component-I due to Fermi-I acceleration at the equatorial portion of the termination shock, with particle spectral index p I ≈ 2.2 above the injection break corresponding to γ wind σ wind ∼ 10 5 , peaking in the UV (γ wind ∼ 10 2 is the bulk Lorentz factor of the wind, σ wind ∼ 10 3 is wind magnetization); (ii) Component-II due to acceleration at reconnection layers in the bulk of the turbulent Nebula, with particle index p II ≈ 1.6. The model requires relatively slow but highly magnetized wind. For both components the overall cooling break is in the infra-red at ∼ 0.01 eV, so that the Component-I is in the fast cooling regime (cooling frequency below the peak frequency). In the optical band Component-I produces emission with the cooling spectral index of α o ≈ 0.5, softening towards the edges due to radiative losses. Above the cooling break, in the optical, UV and X-rays, Component-I mostly overwhelms Component-II. We hypothesize that acceleration at large-scale current sheets in the turbulent nebula (Component-II) extends to the synchrotron burn-off limit of s ∼ 100 MeV. Thus in our model acceleration in turbulent reconnection (Component-II) can produce both hard radio spectra and occasional gamma-ray flares. This model may be applicable to a broader class of high energy astrophysical objects, like AGNe and GRB jets, where often radio electrons form a different population from the high energy electrons. arXiv:1811.01767v3 [astro-ph.HE] 19 Jul 2019 1. In the radio the spectral index is α r = 0.3 (so that νF ν ∝ ν 0.7 ). It is homogeneous over the Nebula (Bietenholz et al. 1997).2. In the infra-red the situation is complicated -a large thermal component from filaments complicates the analysis, see §3.33. In the optical the spectrum softens to α o ∼ 0.6 (so that νF ν ∝ ν 0.4 ).4. The overall spectral distribution of νF ν in the Crab Nebula has a peak in the UV, at ∼ 1 eV. Above the peak the spectrum has α ≈ 1.15. An additional feature present in the hard X-ray spectrum is softening at ∼ 130 keV, with a corresponding break with ∆α = 0.43 (Meyer et al. 2010) (see §2.2 for further discussions)