Plume Urges SEC to Focus Vault Rules on Curators and Token Issuers

SEC Commissioner Hester M. Peirce said vaults differ by structure and activity in July; Plume now wants the SEC to assess vault oversight by the roles people perform. Peirce described vaults ranging from those that use immutable code to allocate assets to those where a person directs allocations. She said securities-law questions depend on each vault’s structure and activity. “Vaults are not uniform,” Peirce said. Plume submitted its proposal to the SEC’s Crypto Task Force on Sept. 21. It identifies four roles: protocol developer, curator, administrator and token issuer. Plume argues that oversight may apply to curators and token issuers, while neutral software developers and administrators should not be regulated solely for those functions. Curators choose yield strategies and may set rates, loan-to-value limits and liquidation thresholds.

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