#209 - Vaults

<p>Vaults might be finance's next trillion-dollar opportunity. But what are they? How do they work? What regulation might apply? </p><p>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). </p><p>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). </p><p>Thank you to the presenting sponsor of this episode, Altitude (<a href="altitude.xyz/law" target="_blank" rel="ugc noopener noreferrer">altitude.xyz/law</a>), a payments platform for the next generation.</p><p>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. </p><p>Timestamps:</p><p>(0:00) Intro</p><p>(4:27) What is a vault?</p><p>(9:34) History of onchain vaults</p><p>(11:55) The first vault, with Andre Cronje</p><p>(21:05) The SEC's early interest</p><p>(22:30) Investment contracts and Howey</p><p>(31:28) Notes and Reves</p><p>(37:10) The strategist</p><p>(48:54) The curator</p><p>(58:30) Investment company?</p><p>(1:12:40) Investment adviser?</p><p>(1:20:00) Separately managed accounts</p><p>(1:30:30) Custody rules</p><p>(1:55:43) What's next </p><p>Thank you as well to the law firm Cahill Gordon &amp; Reindel for sponsoring this podcast. If you'd like to join Cahill's flagship emerging tech conference, Confluence, you can apply here: <a href="https://www.cahill.com/confluence2026" target="_blank" rel="ugc noopener noreferrer">https://www.cahill.com/confluence2026</a>.</p><p>Thank you as well to the Solana Policy Institute and the Hyperliquid Policy Center for supporting the podcast. </p><p><em>Nothing in this podcast is legal or investment advice.</em></p>