Not quite sure why the rules of land shouldn't apply? If I read it right, doesn't it say, e.g., "Compound Treasury Accounts are securities, exclusively offered to accredited institutional customers under Rule 506(c) of Regulation D."

The other more important question is always: why is the interest so high? What risks are being taken?

I do like DeFi, but I don't like getting to hand-wavy with laws, regulation, and risk, because that is always more towards wanting to have a different society/politics etc., which is not a technical point.