The legal paper submitted by Aave, Kamino, and Veda to the SEC argues that non-custodial vault users retain direct ownership of deposited assets despite limited allocation choices made by curators

From the articleAave Labs, Kamino and Veda submit DeFi lending legal framework to the SECAlso in Aave, Kamino and Veda Urge SEC to Clarify Rules for DeFi Lending