Plume presents vault regulatory framework to SEC’s Crypto Task Force

The RWA-focused network proposes a four-role classification system that would keep two vault functions outside regulatory scope. Plume Network walked into the SEC’s Crypto Task Force with a blueprint for how onchain vaults should be regulated, and the core argument was as much about what regulators shouldn’t touch as what they should. The framework, submitted by General Counsel Salman Banaei on September 21, 2026, proposes splitting the vault ecosystem into four discrete roles: vault protocol developer, vault curator, vault administrator, and vault token issuer. Under Plume ’s model, only the latter two would be subject to regulatory oversight, leaving developers and curators outside that perimeter. Vault protocol developers build and maintain the technical infrastructure. Vault curators make investment strategy decisions about what assets the vault holds.

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