European regulatory proposal may restrict user access to DeFi, Aave founder Stani Kulechov criticizes

Odaily News: Stani Kulechov posted that he is disappointed with the European Central Bank and the European Banking Authority's response to the MiCA consultation. The related proposal advocates banning stablecoin payment yields, and suggests restricting crypto asset service providers from offering users access to DeFi, limiting the groups of users who can access DeFi through "suitability tests," and also considering implementing a certification system for DeFi lending protocols, but without clearly specifying an actual enforcement framework. Stani believes that having regulators decide which protocols are suitable for European users could create more closed ecosystems and weaken the liquidity and network effects of open financial networks; excessive restrictions may also increase resistance to innovation. He stated that stablecoins, DeFi, and tokenized securities are expected to reduce friction in financial services, improve transparency, and expand users' access to financial services, and called on European regulators to place users and their interests at the core of the regulatory framework, saying "DeFi will ultimately win."