Wu Shuo learned that the U.S. Blockchain Association has announced the formation of the Vaults Working Group, with dozens of member institutions already participating, including a16z crypto, Aave, Ethena, FalconX, Grayscale, Morpho, Uniswap, and Wintermute. The association said that Vaults are emerging on-chain financial infrastructure that can provide users with multi-asset exposure and composable, personalized investment strategies. The working group will communicate directly with the U.S. Securities and Exchange Commission, helping lawmakers understand the operating mechanisms of Vaults and how existing regulatory frameworks apply, and will promote the development of related technologies in a compliant manner in the United States.