According to CoinMeta, AAVE founder Stani Kulechov expressed disappointment with the responses of the European Central Bank (ECB) and the European Banking Authority (EBA) to consultations regarding MICA. He pointed out that both institutions not only advocated for banning stablecoin payments of yields but also proposed restrictions on crypto asset service providers (CASP) from offering users access to DEFI, including agreements involving non-MICA authorized stablecoin yields. Additionally, they may require passing an “appropriateness test” to limit access for certain users and establish a certification system for DEFI lending agreements. Kulechov believes that these restrictions could lead European DEFI to move towards more closed systems, undermining the liquidity and network effects of open financial networks.