Wu Says he learned that U.S. SEC Commissioner Hester Peirce said whether crypto treasuries and on-chain lending strategies fall under federal securities laws depends on their specific structure and operating model. Products where the manager determines yield strategies, asset allocation, interest rates, loan-to-value ratios, or liquidation thresholds may involve regulation under securities, investment companies, or investment advisers; some on-chain loans may have securities characteristics. Peirce urged relevant market participants to actively engage with the SEC and submit comments on whether the current rules need to be adjusted to accommodate on-chain treasury and lending innovations.