The most comfortable DeFi experience: one-click deposit and earn automatically.

It might also be the easiest place for the SEC’s next strike to cut.

SEC Commissioner Hester Peirce recently called out on-chain Vaults and lending strategies: if someone behind the scenes is responsible for selecting assets, adjusting interest rates, changing LTV, setting liquidation thresholds, or even proactively rotating holdings based on market conditions, then it might not just be a neutral smart contract—it could be more like a fund or an advisory product.

The truly troublesome part is this—just putting things on-chain doesn’t automatically grant the project a “decentralization gets you a free pass” golden ticket.

This time it’s only a commissioner statement, not a new regulation, and it doesn’t mean that all Vaults will be deemed securities. But for $MORPHO -type on-chain lending infrastructure, the market in the future will have to look not only at TVL, interest rates, and bad debt, but also at who manages the Vault and whether the rules can be modified at any time.

Will the DeFi season still come?

#Ourbit 不只 Crypto，全球熱門資產一站交易。