The European Commission is conducting a consultation on the MiCA regulation review until September 30, aiming to determine whether DeFi lending vaults should be regulated. Morpho’s Vault V2 architecture divides responsibilities between an owner, curator, allocator and sentinel, making it difficult to identify a regulated « provider » under MiCA. Jonathan Galea, partner at Cahill Gordon & Reindel, warns that treating DeFi lending vaults as a single category risks capturing structures with very different economic functions. Curve Finance founder Michael Egorov argues for a dedicated framework that accounts for the differences between decentralized lending and conventional finance.
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