Bankless · Thursday, July 30, 2026
Adrian Cachinero addresses SEC Chair Hester Peirce's concerns about curators potentially acting as asset managers, suggesting that while some vault activities might fall under existing securities laws, novel on-chain mechanisms offer unique investor protections. He believes the vault industry may require thoughtful consideration and potentially new frameworks to account for its on-chain specifics, rather than simply fitting into existing TradFi structures.
“The vault industry is going to get very big. Like institutions, Wall Street, TradFi are looking at vaults and seeing the value here. So we're expecting this industry to grow hundreds of billions of TVL in the short to medium term.”
“The stuff that Hester is talking about is not the bulk of the vault industry. It's more on the margins. It's more like the degen risk-taking margins of the vault space rather than like the body, the bulk of the vault space. Would you say that's accurate?”
“Well, it might be, but I do think like what Hester... I think Hester's memo was very thoughtful. You know, we'll certainly take her up on the invitation and go and have a chat. We definitely think about these issues a lot in the way that we configure the vaults.”