Topic
Application of financial regulation and licensing regimes to decentralised finance protocols.
The bill grew again last week, and the new pages delegate the hard definition to regulators while the ethics language Democrats made their price stayed out. Trump has not said what curbs he will accept.
Reality
Aave founder Stani Kulechov says the ECB and EBA want the Commission's MiCA review to ban stablecoin yield and tighten DeFi access. By his account, EU providers would keep DeFi access only for users who pass suitability tests, and perhaps only to protocols the authorities certify.
Reality
ESMA proposed a new regulated MiCA service for firms that give users access to DeFi, a sector the EBA and ESMA put at about 4% of global crypto value. Exchanges and wallet apps serving EU users would carry the compliance cost, while the protocol code itself stays outside the regime.
Reality
The CFTC chair has told staff to draft leveraged trading and DeFi rules under existing authority. A framework built by an agency is one a future agency can unbuild.
Perspective Coverage
5 publishersReality
Kyber Network Pte. Ltd. has been a Singapore company since 2017 but says it is not operated from Singapore. After 30 June, that sentence has to hold up against a licensing regime.
Reality