SEC Commissioner Hester Peirce said crypto vaults and onchain lending strategies may fall under U.S. securities laws when their structure involves managerial control, investment activity, or investor reliance on others. Peirce said the SEC has worked over the past year and a half to clarify when crypto assets and activities fall outside federal securities laws. However, she said that does not mean every crypto product sits beyond the agency’s reach. She warned firms not to use complex legal readings to avoid rules that may apply. Peirce said, “If you do headstands, backflips, and other gymnastics” to avoid securities ... (full story)