SEC Commissioner Hester Peirce has cautioned that decentralized finance (DeFi) vaults and onchain lending platforms could be subject to U.S. securities laws if their structure relies on managerial decision-making or resembles traditional investment products. Her latest statement, titled Headstands and Summervaults, expands on previous guidance that tokenized securities remain securities regardless of the technology used. Peirce explained that crypto vaults allow users to deposit digital assets into smart contracts that automatically or actively allocate funds for staking, lending, or other… Read more







