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Law of Code · Tuesday · 1 hr 59 min

#209 - Vaults

Vaults might be finance's next trillion-dollar opportunity. But what are they? How do they work? What regulation might apply? You'll hear from the creator of crypto vaults, Andre Cronje (Flying Tulip, Yearn), alongside builders Adrian Cachinero Vasiljevic (Steakhouse Financial) and Charles St. Louis (Ethereum Foundation). You'll also hear from SEC Commissioner Hester Peirce and top lawyers Lewis Cohen (Cahill), Tuongvy Le (Veda Labs), Rodrigo Seira (Cooley) and Linda Jeng (Aave). Thank you to the presenting sponsor of this episode, Altitude (altitude.xyz/law), a payments platform for the next generation. This should be the internet's best podcast on vaults. You don't need to be a lawyer, developer or finance expert to follow along. Timestamps: (0:00) Intro (4:27) What is a vault? (9:34) History of onchain vaults (11:55) The first vault, with Andre Cronje (21:05) The SEC's early interest (22:30) Investment contracts and Howey (31:28) Notes and Reves (37:10) The strategist (48:54) The curator (58:30) Investment company? (1:12:40) Investment adviser? (1:20:00) Separately managed accounts (1:30:30) Custody rules (1:55:43) What's next Thank you as well to the law firm Cahill Gordon & Reindel for sponsoring this podcast. If you'd like to join Cahill's flagship emerging tech conference, Confluence, you can apply here: https://www.cahill.com/confluence2026. Thank you as well to the Solana Policy Institute and the Hyperliquid Policy Center for supporting the podcast. Nothing in this podcast is legal or investment advice.

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Vaults might be finance's next trillion-dollar opportunity. But what are they? How do they work? What regulation might apply?

You'll hear from the creator of crypto vaults, Andre Cronje (Flying Tulip, Yearn), alongside builders Adrian Cachinero Vasiljevic (Steakhouse Financial) and Charles St. Louis (Ethereum Foundation).

You'll also hear from SEC Commissioner Hester Peirce and top lawyers Lewis Cohen (Cahill), Tuongvy Le (Veda Labs), Rodrigo Seira (Cooley) and Linda Jeng (Aave).

Thank you to the presenting sponsor of this episode, Altitude (altitude.xyz/law), a payments platform for the next generation.

This should be the internet's best podcast on vaults. You don't need to be a lawyer, developer or finance expert to follow along.

Timestamps:

(0:00) Intro

(4:27) What is a vault?

(9:34) History of onchain vaults

(11:55) The first vault, with Andre Cronje

(21:05) The SEC's early interest

(22:30) Investment contracts and Howey

(31:28) Notes and Reves

(37:10) The strategist

(48:54) The curator

(58:30) Investment company?

(1:12:40) Investment adviser?

(1:20:00) Separately managed accounts

(1:30:30) Custody rules

(1:55:43) What's next

Thank you as well to the law firm Cahill Gordon & Reindel for sponsoring this podcast. If you'd like to join Cahill's flagship emerging tech conference, Confluence, you can apply here: https://www.cahill.com/confluence2026.

Thank you as well to the Solana Policy Institute and the Hyperliquid Policy Center for supporting the podcast.

Nothing in this podcast is legal or investment advice.

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