Hester Peirce Warns Crypto Vaults And Lending Strategies May Still Trigger Securities Rules

SEC Commissioner Hester Peirce has issued a new statement on crypto vaults and lending strategies, and the message is more nuanced than a simple pro-crypto or anti-crypto headline.
Peirce’s July 22 statement, titled “Headstands and Summervaults: A Statement on Crypto Vaults and Lending Strategies,” argues that putting an activity on-chain does not automatically move it outside federal securities laws.
That is the part crypto builders need to hear carefully.
The statement focuse