Uploaded August 2026 | Updated September 2026, 2 weeks ago
Onchain vaults now hold $67B. Veda's CEO maps out how they work, and why the SEC just hinted some could be securities.
🔥 EPISODE LINK 🔥
unchainedcrypto.com/podcast/could-some-vaults-trigger-securities-law-yes-but-its-case-by-case
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Thank you to our sponsor!
👉 Cape: Your biggest crypto vulnerability isn't your wallet, it's your phone number. Cape is America's privacy-first mobile carrier that rotates your SIM identity daily and blocks SIM swaps before they happen. Get 33% off your first six months at cape.co/unchained (use code: UNCHAINED).
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SEC Commissioner Hester Peirce warned recently that some crypto vaults could trigger federal securities law, invoking the same Howey Test language crypto has argued over for a decade, just as onchain vaults have quietly become a $67 billion vehicle for parking assets.
Sun Raghupathi, cofounder and CEO of Veda, joins Laura Shin to untangle what a vault actually is, why splitting the infrastructure, curator, and distributor roles matters for the entrepreneurial-effort question Peirce raised, and why he reads her statement as bullish rather than a warning shot.
Raghupathi maps the real risk stack behind vaults, smart contract flaws, the key-management failures behind incidents like KelpDAO and Drift, and the economic risk exposed when Stream Finance blew up and left $285 million in vault exposure.
He also details Veda's Kraken partnership, now scaled past $600 million across 80,000 users, and makes the case that the biggest constraint on vault growth isn't security anymore. It's clarity.
Host:
👉 Laura Shin - Founder, CEO and Host of Unchained - https://x.com/laurashin
Guest:
👉 Sun Raghupathi - Co-Founder and CEO of Veda - https://x.com/sunandr_
Timestamps:
📣 00:41 Cape: Get 33% off your first six months with code unchained at cape.co/unchained
🏦 00:57 What is a vault, and why DeFi needed the primitive
🎢 02:25 Sun's path from an ML PhD to launching Veda
⚙️ 04:43 The three things vault infrastructure must solve: access, control, verifiability
💰 06:45 Where vault yield actually comes from, and how it differs from TradFi
📣 10:57 Cape: Get 33% off your first six months with code unchained at cape.co/unchained
🏗️ 11:03 Veda's role as infrastructure vs. curators and distributors
⚠️ 13:06 What happens when a vault loses money, in the worst case
🛟 16:31 Why Sun is skeptical of vault insurance until a real claim gets paid
🔑 18:08 How to vet vault partners on key management, not just smart contracts
📉 20:28 The Stream Finance blowup and how curator risk-taking has changed since
📊 23:00 The metrics Sun uses to evaluate vault curators
🏛️ 24:31 Why Sun reads Hester Peirce's vault statement on vaults as bullish, not a warning
🦑 28:46 Kraken's $600M vault partnership, and Veda's competitive edge
_______________________________________________________
#bitcoin #ethereum #crypto #cryptocurrencies
_______________________________________________________
Subscribe to our channel!
Website → unchainedcrypto.com
Unchained Daily Newsletter (FREE!)→ unchainedcrypto.beehiiv.com/subscribe
Unchained X → https://x.com/unchained_pod
Apple → podcasts.apple.com/us/podcast/id1123922160?ls=1
Spotify → open.spotify.com/show/1cJrrfGY1SKBIRn5noKSAf?si=6SI4qIcRTEO7EhOe0V9n4w
RSS Feed → https://feeds.megaphone.fm/LSHML4761942757
Unchained: Your no-hype resource for all things crypto!
Onchain vaults now hold $67B. Veda's CEO maps out how they work, and why the SEC just hinted some could be securities.
🔥 EPISODE LINK 🔥
unchainedcrypto.com/podcast/could-some-vaults-trigger-securities-law-yes-but-its-case-by-case
========================================================================
Thank you to our sponsor!
👉 Cape: Your biggest crypto vulnerability isn't your wallet, it's your phone number. Cape is America's privacy-first mobile carrier that rotates your SIM identity daily and blocks SIM swaps before they happen. Get 33% off your first six months at cape.co/unchained (use code: UNCHAINED).
========================================================================
SEC Commissioner Hester Peirce warned recently that some crypto vaults could trigger federal securities law, invoking the same Howey Test language crypto has argued over for a decade, just as onchain vaults have quietly become a $67 billion vehicle for parking assets.
Sun Raghupathi, cofounder and CEO of Veda, joins Laura Shin to untangle what a vault actually is, why splitting the infrastructure, curator, and distributor roles matters for the entrepreneurial-effort question Peirce raised, and why he reads her statement as bullish rather than a warning shot.
Raghupathi maps the real risk stack behind vaults, smart contract flaws, the key-management failures behind incidents like KelpDAO and Drift, and the economic risk exposed when Stream Finance blew up and left $285 million in vault exposure.
He also details Veda's Kraken partnership, now scaled past $600 million across 80,000 users, and makes the case that the biggest constraint on vault growth isn't security anymore. It's clarity.
Host:
👉 Laura Shin - Founder, CEO and Host of Unchained - https://x.com/laurashin
Guest:
👉 Sun Raghupathi - Co-Founder and CEO of Veda - https://x.com/sunandr_
Timestamps:
📣 00:41 Cape: Get 33% off your first six months with code unchained at cape.co/unchained
🏦 00:57 What is a vault, and why DeFi needed the primitive
🎢 02:25 Sun's path from an ML PhD to launching Veda
⚙️ 04:43 The three things vault infrastructure must solve: access, control, verifiability
💰 06:45 Where vault yield actually comes from, and how it differs from TradFi
📣 10:57 Cape: Get 33% off your first six months with code unchained at cape.co/unchained
🏗️ 11:03 Veda's role as infrastructure vs. curators and distributors
⚠️ 13:06 What happens when a vault loses money, in the worst case
🛟 16:31 Why Sun is skeptical of vault insurance until a real claim gets paid
🔑 18:08 How to vet vault partners on key management, not just smart contracts
📉 20:28 The Stream Finance blowup and how curator risk-taking has changed since
📊 23:00 The metrics Sun uses to evaluate vault curators
🏛️ 24:31 Why Sun reads Hester Peirce's vault statement on vaults as bullish, not a warning
🦑 28:46 Kraken's $600M vault partnership, and Veda's competitive edge
_______________________________________________________
#bitcoin #ethereum #crypto #cryptocurrencies
_______________________________________________________
Subscribe to our channel!
Website → unchainedcrypto.com
Unchained Daily Newsletter (FREE!)→ unchainedcrypto.beehiiv.com/subscribe
Unchained X → https://x.com/unchained_pod
Apple → podcasts.apple.com/us/podcast/id1123922160?ls=1
Spotify → open.spotify.com/show/1cJrrfGY1SKBIRn5noKSAf?si=6SI4qIcRTEO7EhOe0V9n4w
RSS Feed → https://feeds.megaphone.fm/LSHML4761942757
Unchained: Your no-hype resource for all things crypto!
