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SEC Commissioner Hester Peirce warned recently that some crypto vaults could trigger federal securities law, invoking the same Howey Test language crypto has argued over for a decade, just as onchain vaults have quietly become a $67 billion vehicle for parking assets.

Sun Raghupathi, cofounder and CEO of Veda, joins Laura Shin to untangle what a vault actually is, why splitting the infrastructure, curator, and distributor roles matters for the entrepreneurial-effort question Peirce raised, and why he reads her statement as bullish rather than a warning shot.

Raghupathi maps the real risk stack behind vaults, smart contract flaws, the key-management failures behind incidents like KelpDAO and Drift, and the economic risk exposed when Stream Finance blew up and left $285 million in vault exposure.

He also details Veda’s Kraken partnership, now scaled past $600 million across 80,000 users, and makes the case that the biggest constraint on vault growth isn’t security anymore. It’s clarity.

Transcript

Host:

    • Laura Shin – Founder, CEO and Host of Unchained

Guest: