SEC Commissioner Hester Peirce said crypto vaults and onchain lending strategies can fall under federal securities laws when their structure and management resemble regulated financial products.
Galaxy launched Curator, a Morpho-based institutional vault offering distributed through Fireblocks Earn, targeting idle stablecoin balances with two risk tiers.
Morpho raised $175 million from Paradigm, a16z crypto, Ribbit and major strategic investors as onchain credit becomes a fresh institutional DeFi target.