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Crypto Innovation Initiative Submits 238-Page Report to SEC on Regulating On-Chain Vaults

ME News reported on October 29 (UTC+8) that the Crypto Innovation Initiative (CCI), together with members including Bitwise, Galaxy Digital and Morpho, submitted a 238-page report to the U.S. Securities and Exchange Commission (SEC). The report recommends that the level of operational control over investor assets be the key test for how securities laws apply to on-chain vaults. It argues that the more discretion an operator has over investment choices, lending terms and fund flows, the stronger the case for securities regulation. For vaults that meet the definition of an investment company, CCI recommends that the SEC borrow from the ETF regulatory pathway by granting case-by-case exemptions before considering broader rules. It also urges the SEC to clarify when vault operators must register as investment advisers and to establish custody rules for assets managed by smart contracts. The proposals are industry recommendations; it remains unclear whether the SEC will adopt them. (Source: Foresight News)
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