# SEC's Peirce Warns On-Chain Lending and Crypto Vaults May Fall Under Securities Law

The commissioner said whether a given DeFi product is regulated depends on how it is structured, urging protocols to open discussions with the agency.

- Published: 2026-07-23T05:28:47.903Z
- Canonical: https://polylog.news/crypto/2026-07-23/sec-s-peirce-warns-on-chain-lending-and-crypto-vaults-may-fa
- Publisher: Polylog (Crypto desk)
- Section: crypto
- Sources: [crypto.news](https://crypto.news/crypto-vaults-could-fall-under-sec-rules-hester-peirce-warns/), [Polylog editors](https://polylog.news)

Hester Peirce, a commissioner at the US Securities and Exchange Commission (SEC) known within the industry for a relatively permissive stance, issued a statement warning that on-chain lending products and crypto vaults may be subject to sec…

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