Plume presents vault regulatory framework to SEC’s Crypto Task Force

Plume Network walked into the SEC’s Crypto Task Force with a blueprint for how onchain vaults should be regulated, and the core argument was as much about what regulators shouldn’t touch as what they should. The framework, submitted by General Counsel Salman Banaei on September 21, 2026, proposes splitting the vault ecosystem into four discrete roles: vault protocol developer, vault curator, vault administrator, and vault token issuer. Under Plume’s model, only the latter two would be subject to regulatory oversight, leaving developers and curators outside that perimeter. The four-box framework Vault protocol developers build and maintain the technical infrastructure. Vault curators make investment strategy decisions about what assets the vault holds. Vault administrators handle operational functions like managing deposits and withdrawals. Vault token issuers create and distribute the tokens that represent a depositor’s share of the vault. According to Plume’s submission, the administrator and token issuer roles carry regulatory weight because they involve direct interfaces with investors and the mechanics of investor capital. The developer and curator roles, in this framing, sit c...