SEC Commissioner Hester Peirce issued a formal statement addressing the legal nuances of crypto vaults, reminding market participants that moving high-yield lending and staking strategies on-chain doesn't magically exempt them from federal securities laws. Back in Baja, the only vault anyone cares about is the rusted lockbox holding the extra bags of ice behind the fish taco stand. Smart contracts and programmatic yield allocations sound great, but they won't save you when the local Wi-Fi router melts in the midday sun.