SEC Commissioner Hester Peirce said crypto vaults and onchain lending strategies may fall within federal securities laws when operators make managerial decisions over user assets, lending terms or yield allocation. Vaults typically use smart contracts to deploy deposited crypto across staking, lending and other yield-generating strategies. Peirce said their legal treatment will depend on how much control remains with immutable code and how much is exercised by deployers, curators or other managers.