SEC Commissioner Hester Peirce’s latest remarks: innovation in the crypto world still needs to take place within the existing rules framework.
Peirce clearly points out that not all on-chain activities can be separated from regulation—crypto asset activities that were originally subject to federal securities laws do not automatically receive exemptions just because they move on-chain.
Regarding today’s popular crypto vaults and on-chain lending, she specifically warns that these product structures vary widely, ranging from fully automated operation by smart contracts to asset allocation actively managed by a team and interest rates set by that team; different designs face different regulatory requirements. Any party involved in key decisions—including choosing yield strategies, adjusting positions, setting liquidation conditions, and so on—must proactively assess whether its activities have already triggered compliance obligations under securities laws.
Interestingly, Peirce also shows an open attitude: the SEC welcomes market participants to proactively communicate and explore compliance paths, and it is currently publicly soliciting market input on whether existing rules need to be revised to accommodate crypto innovation.
On-chain innovation does not mean a lawless zone; regulatory boundaries are becoming clearer step by step.
#SEC #加密监管 #DeFi
https://www.sec.gov/newsroom/speeches-statements/peirce-statement-crypto-vaults-lending-strategies-072226