The Aave Labs, Kamino, and Veda submission to the SEC acknowledges that vault curators who make investment decisions involving securities may still qualify as investment advisers under federal law despite not taking custody of user assets

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.