SEC commissioner has a blunt warning for crypto vaults and lending

Moving money onto a blockchain doesn't magically place it outside the reach of the law. Many crypto vaults and lending platforms are performing "legal gymnastics" to dodge oversight, but if a vault relies on active management for profit, it’s a security—period. These tools are often just unregistered investment companies hiding behind code. It’s time to stop pretending that smart contracts are exempt from SEC regulation. Is code really above the law, or is a crackdown overdue?
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