Hester Peirce: Onchain Vaults Fall Under Securities Laws

Commissioner Hester Peirce stated that shifting activities onchain does not remove them from securities laws, placing crypto vaults on a spectrum from fully programmatic contracts to those with active human strategy selection, as noted in a July 23, 2026 post by @julian2kwan that also covered onchain lending compliance and invited licensed builders like IxsFinance to deliver institutional yield products.