SEC's Peirce Warns Crypto Vaults And Lending May Trigger Securities Rules

SEC Commissioner Hester Peirce warned on July 22 that moving crypto activity onchain does not remove securities obligations, saying actively managed vaults and lending strategies may require registration. According to BeInCrypto, her “Headstands and Summervaults” statement said vaults can resemble investment contracts, mutual funds, or investment adviser businesses, while onchain lending can also look like a security-style note. Peirce invited vault and lending operators to contact the SEC ahead of her planned departure later this year.