SEC Commissioner Hester Peirce, known as « Crypto Mom, » published a statement declaring that the era of legal immunity for decentralized finance is ending. She warns that DeFi vaults which pool and manage users’ money to generate profits could be classified as investment contracts or investment companies. Platforms like Yearn Finance, Aave, and Hyperliquid are directly targeted by this warning. Peirce is inviting industry participants to work with the SEC to adapt existing rules before enforcement actions, while acknowledging the agency’s jurisdictional limits.
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