🚨 SEC's Hester Peirce says some crypto vaults & on-chain lending products could fall under U.S. securities laws.


🔹 Each product will be judged on its "facts and circumstances".
🔹 DeFi vaults, lending protocols, and tokenised finance products could face SEC scrutiny.
🔹 Registration, disclosure, and compliance rules may apply to some offerings. ⚖️
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