Plume Network has presented a regulatory proposal to the SEC Crypto Task Force, suggesting a four-tier classification for onchain vaults. The framework, submitted by General Counsel Salman Banaei on September 21, 2026, aims to define which entities should fall under regulatory oversight.
The model divides vault operations into four roles: protocol developers, curators, administrators, and token issuers. Plume argues that only administrators and token issuers should be subject to regulation, as they handle investor capital and direct interactions, while developers and curators remain infrastructure-focused.
The SEC has published the proposal but has not provided an endorsement. Plume, a subsidiary of Kimber Labs Inc., is actively seeking clarity on custody rules for registered funds and the development of secondary markets for tokenized fund shares to improve liquidity.
Plume’s primary product, the Nest vault protocol, currently reports over 213,000 token holders. As of October 21, 2026, the protocol held over $250 million in total value locked, with Plume Vaults specifically accounting for approximately $226 million and generating $1.02 million in fees over the previous 30 days.
The company has been engaging with US regulators throughout 2026, including testimony in March. To maintain operations while domestic rules are pending, Plume secured a Class M Digital Asset Business Licence from the Bermuda Monetary Authority in May 2026.
