[CCI Leads 238-Page Report to SEC, Calling for Clarification of On-Chain Vault Regulation] According to Jinse Finance, on October 29th, the Crypto Innovation Council (CCI), along with members Bitwise, Galaxy Digital, Morpho, and others, submitted a 238-page report to the U.S. Securities and Exchange Commission (SEC). The report recommends differentiated regulation of on-chain vaults based on the operator's degree of control over user assets and investment decisions. Vaults that automatically execute lending strategies according to fixed rules should be subject to different standards than products that allow operators to independently select loans, adjust terms, and reallocate funds; the greater the control, the more it should be subject to securities regulation. For vaults that may be classified as investment company vaults, CCI recommends that the SEC follow the ETF approach, first approving exemptions on a case-by-case basis, and then formulating uniform rules based on industry conditions.