EU Considers Including DeFi Treasuries in MiCA, Analysis Says Regulation Difficult

The signal here is less about MiCA's scope than about the EU testing whether a framework built for identifiable issuers and intermediaries can stretch to structures with no clear counterparty. That distinction matters for DeFi protocols holding or managing treasury assets, and for the national supervisors who would have to enforce any extension. Whether the bloc pursues bespoke supervisory tools rather than forcing DeFi into existing categories is the open question worth tracking.