The framework submitted by Aave Labs, Kamino, and Veda to the SEC on October 26, 2026 asserts that DeFi lenders earn interest based on published per-unit rates rather than sharing in collective business profits or relying on central entity promises

Ongoing legal fight over which digital assets count as securities under investor-protection law and which are commodities, determining whether the SEC or CFTC oversees them.

How rules written for financial intermediaries apply to protocols that claim to have none, from KYC and AML obligations to front-end and developer liability.