This is a really strange argument because the argument basically defeats itself. You start by explaining that vaults exist because users can’t realistically track and manage thousands of markets themselves, so the vault abstracts that complexity and someone else allocates the capital for them. I don’t think anybody could have thought of a better definition for delegated portfolio management aka asset management lol. Also a timelock doesn’t magically turn the curator’s decision into the depositor’s decision, it just gives the depositor notice of any changes, your own docs literally say the Curator configures “liquidity allocation rules”, is “abstracting risk curation decisions away from depositors” and makes key decisions about “how capital is allocated.” So even if the code constrains the manager, it doesn’t remove the manager. You also failed to mention what SEC commissioner pierce actually says and thats vaults fall on a spectrum between “programmatic allocations determined solely by immutable smart contracts” and “allocations at the sole discretion of another person or group of persons.” She also explicitly points to selecting yield generating activities and reallocating assets as examples of managing a vault and says managing vaults can raise investment adviser issues. You’re basically trying to make the asset manager disappear by changing the test from “who is making the investment decisions?” to “can they steal the money and can I withdraw?” those are completely different things. Even your “implicit approval” argument is backwards, if I delegate allocation to you then you announce a change and I don’t withdraw during the timelock, my failure to leave hasn’t somehow transformed your investment decision into mine. In fact that requires me to continuously monitor the manager which is the exact complexity vaults supposedly exists to abstract away in the first place. Vaults can absolutely be noncustodial but noncustodial settlement is not non discretionary allocation, no matter how you try to spin this an asset manager is an asset manager even if you give them cute sounding names like “curator” or “allocator”.

A proposal for "just governance." Lock proposes a government with no taxes but financed by printing money at 1.5% inflation and use that to buy stuff it needs. From Jim and I: "In his article A possible structure for just governance on The Libertarian Alliance, author Neil Lock outlines a decentralized, bottom-up model to replace central government states. The proposal is structured around four main tiers and specific operational systems: Governance Tiers Neighbourhoods of Just Governance (NJGs): Small voluntary direct democracies of a few hundred people (similar to residents' associations) that preserve local character and approve incoming migrants. Communities of Just Governance (CJGs): Non-profit organizations at the town or small city level (30,000 to 100,000 residents). They manage local public services such as police, fire, basic infrastructure maintenance, and local courts. CJG decisions are made via direct democratic open town meetings or referendums. Societies for Just Governance (SJGs): Competitive, non-profit contracting organizations that handle larger-scope services—such as judges, detectives, quality auditors, and diplomats—which communities can select or swap at annual meetings. Areas of Just Governance (AJGs): Regional alliances of CJGs (similar to countries today) responsible for broader national defense, legal harmonization, and maintaining the overarching legal system (the Convivial Code). Currency and Financing Abolishing Taxation: Instead of traditional taxes, governance is funded through controlled currency inflation (estimated at around 1.3% to 1.5% annually). Banks of Just Governance (BJGs): Competing banks issue commodity-backed currencies. Each year, communities elect which BJG to use, and the revenue generated from that year's fixed inflation covers local operating expenses." As a friend pointed out, "This is a slight improvement. But naturally no one would hold the “government company gone scrip” shitcoin. Everyone would use gold or bitcoin to store non depreciating liquid funds as soon as some government agency forced them to take it if the state bought their services." I.e., they would have to use fascist police state means to make their scheme work. This reminds me a bit of clueless handwaver Ayn Rand saying you could fund the government via a lottery. Suuurrre. But why would anyone use a state lottery when you could get better odds from a private one...? Unless you... outlawed the competition... and then it starts. Ayn Rand on Courts’ Subpoena Power and Compulsory Jury Duty (and Eminent Domain) The Power to Tax and the Power to Outlaw Competition Imply Each Other Ayn Rand on Courts’ Subpoena Power and Compulsory Jury Duty (and Eminent Domain) @GabbSean @gregmorin @propfreedom

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