According to CoinMeta, Coinbase, the person in charge of EU policy, Roeland Van, der, and Stappen stated that the EU's increased regulatory efforts regarding DeFi may force users to turn to platforms with less investor protection. Regulated crypto platforms may limit or cancel access to DeFi services, and rules aimed at protecting investors will push activities towards those with less protection. The European Securities and Markets Authority (ESMA) suggested in September that certain categories of customers be regulated, and the European Banking Authority (EBA) also urged the European Commission in September to study new regulations for crypto lending. Roeland Van, der, and Stappen believe that extending suitability tests to other DeFi services would treat simple stablecoin exchanges equally to leveraged lending. Lending, liquidity provision, and on-chain exchanges will be the most affected activities, with some even completely losing access to DeFi. Limiting access to regulated platforms may fragment DeFi liquidity, creating a sort of "walled garden," and prompting users to turn to providers outside the EU with less protection.