Plume Network submitted to the SEC a framework dividing blockchain vault activities into four roles: protocol developer, curator, administrator, and token issuer. Under the model, only administrators and token issuers would face regulatory oversight, while developers and curators would fall outside that perimeter. The SEC made the document public without endorsing the proposal. Plume’s Nest yield protocol reportedly has more than 213,000 token holders, while its vaults held approximately $226 million in total value locked as of October 21, 2026. The company is also seeking clarification on custody rules and secondary markets that would allow tokenized fund shares to be traded before redemption windows open.
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