The Decentralization Test: What MiCA's DeFi Question Really Asks
NFT
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StackSignal
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Everyone is selling you a solution. No one is showing you the failure mode. This week, the European Commission quietly opened a consultation that might force DeFi to finally confront its most uncomfortable truth: the label 'decentralized' was never a technical description. It was a legal bet. And the house is about to call. The consultation, closing September 30th, explores folding DeFi lending protocols under MiCA, the EU's flagship crypto regulation. The trigger case? Morpho Vault V2, a lending product whose management and risk control responsibilities are deliberately scattered across multiple roles. The question isn't whether DeFi lending works. It works. The question is who is responsible when it doesn't.
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