SEC Commissioner Hester Peirce: Some Crypto Vaults and Onchain Lending Strategies May Fall Under Securities Laws SEC Commissioner Hester Peirce said whether crypto vaults and onchain lending strategies fall under federal securities laws depends on their specific structure and operations. Products involving managerial decisions over yield strategies, asset allocation, interest rates, loan-to-value limits or liquidation thresholds may raise securities, investment company or investment adviser issues, while some onchain loans may also have the characteristics of securities. Peirce encouraged market participants to engage with the SEC and provide feedback on whether existing rules should be updated to accommodate vaults and onchain lending.