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SEC's Peirce Warns Crypto Vaults May Fall Under Securities Laws Based on 4 Control Factors

Regulation & Policy

2026-07-23 22:42:04

According to an SEC statement on July 22, Hester Peirce warned that crypto vaults and decentralized lending strategies may qualify as securities when managers control investment decisions, interest rates, risk settings, or liquidation thresholds. Peirce stressed that blockchain technology does not exempt financial activities from federal securities law. Products allowing developers or managers to allocate users' funds could trigger investment contract classification, while vaults may also fall under investment company rules and vault operators could face investment adviser requirements. Peirce emphasized outcomes depend on specific design, operations and level of human discretion, and invited developers to discuss compliant structures with the SEC.

Disclaimer: The information on this page may come from third-party sources and is for reference only. It does not represent the views or opinions of Gate and does not constitute any financial, investment, or legal advice. Virtual asset trading involves high risk. Please do not rely solely on the information on this page when making decisions. For details, see the Disclaimer.

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