[Crypto Industry Organization Innovation Crypto Council Leads 238-Page Report, Urging SEC to Clarify Regulatory Boundaries for On-Chain Vaults] According to Crypto in America, on October 29th, the Crypto Industry Organization Innovation Crypto Council (CCI), along with members such as Bitwise, Galaxy Digital, and Morpho, submitted a 238-page report to the U.S. Securities and Exchange Commission (SEC). The report calls on regulators to clarify how existing securities laws apply to on-chain vaults and to develop differentiated regulatory frameworks based on the degree of control that human operators have over user assets and investment decisions. The CCI argues that regulators should focus on examining the autonomy of vault operators in investment decisions: vaults that automatically execute lending strategies according to fixed rules should be subject to different regulatory standards than products that allow operators to independently choose investment targets, adjust lending terms, or reallocate funds. The greater the operator's control over investment decisions, the stronger the justification for securities regulation of the relevant product. For on-chain vaults that may be classified as investment companies, CCI suggests that the SEC refer to the development path of ETFs, first approve regulatory exemptions on a case-by-case basis, and then consider formulating unified rules based on the development of the industry.