We are grateful to Commissioner @HesterPeirce and the @SECGov Crypto Task Force for their continued work and attention to DeFi. Thoughtful engagement like this is exactly what onchain finance needs. @aave has spent years building DeFi infrastructure and working with providers across the ecosystem, and vaults remain important to how users and third-party teams interact with Aave. Increasingly, the market structure of onchain finance is centered on vault structure, since how vaults are designed and standardized is shaping the direction of the industry itself. As Commissioner Peirce notes, vaults "fall along a spectrum from programmatic allocations determined solely by immutable smart contracts, to allocations at the sole discretion of another person or group of persons." Design and discretion are what the analysis turns on. That vault landscape and spectrum was exactly what we presented when we met with the SEC Task Force last month, and we welcome the continued dialogue.