SEC’s Peirce warns some DeFi vaults, onchain lending may fall under securities laws
The commissioner said onchain vaults and lending strategies could resemble investment funds or advisers, depending on how they are structured.
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Summary
- SEC Commissioner Hester Peirce said some crypto vaults and lending strategies may fall within federal securities laws.
- Morpho’s token fell about 5% after the statement, underperforming the broader crypto market.
- Vaults have become one of DeFi’s fastest-growing sector with over $8 billion assets, with Coinbase and Robinhood integrating them to offer yield on users’ stablecoin balances.
