According to CoinMeta, the European Commission is evaluating whether to bring DeFi lending and crypto borrowing activities under the regulation of MiCA, and has initiated targeted consultations regarding the relevant unregulated areas, which will conclude on September 30th. One of the current controversies is the legal status of DeFi lending vault. Taking Morpho Vault V2 as an example, its management and risk control authorities are dispersed among multiple parties, making it difficult to determine who should be considered a regulated service provider. Currently, "fully decentralized" models are in principle excluded, and how the EU will define actual control rights and regulatory entities in the future will be key.