According to CoinMeta, there are disagreements in the US DEFI industry regarding the scope of securities regulation applicable to on-chain vaults ( vault ). A 238-page report submitted by industry organizations Crypto Council , for , Innovation ( CCI ) along with members Bitwise , Galaxy Digital , Morpho , etc., emphasizes the importance of human control over investment decisions and argues that the less human intervention there is, the more reason there is not to classify such vaults as securities. On the other hand, AAVE Labs , Veda , and Kamino believe that even if there is active management or DAO governance in these vaults, it does not necessarily constitute securities; it is still necessary to determine whether there are joint investment entities, independent issuing entities, and related legal relationships. The latest FAQ from SEC staff indicates that decentralized governance can involve autonomous decision-making and does not necessarily imply centralized control, but it does not directly clarify the securities status of such entities. Both parties agree that paid investment consulting services involving securities may still be subject to the regulation of the Investment Advisors Act.