Remember how defi even started? No? Bitconnect was first "successful" chain to implement lending, yield. That's why it was shutdown as sec. Get it now? Eth maxis just tried second time, same idea. Defi will be licensed as bank.
3) Highly speculative, institution and derivatives driven assets will be under heavier watch. SEC provisions regulate corporate tokens as utility (payments, services) or security. Defi falls under security. Yields, earnings are corporate terms on the books.