The European Commission on May 20, 2026 opened a targeted consultation on areas left outside the original Markets in Crypto-Assets Regulation, or MiCA, including decentralized finance and crypto lending and borrowing. A core flashpoint is lending vaults, which can route large sums into onchain credit markets without resembling conventional lenders and whose status now rests on non-binding readings that they sit outside MiCA and EU fund rules. Decentralized protocol Morpho’s Vault V2 splits roles among an owner, curator, allocator and sentinel, illustrating why identifying a single regulated provider is harder than for a traditional lender. Lawyers Yuriy Brisov and Jonathan Galea warn against treating all vaults as one category and against using decentralization alone as the test, while Curve Finance founder Michael Egorov argues any rules must differ from traditional lending safeguards. The consultation closes Sept. 30, 2026; feedback will feed the Commission’s full MiCA assessment due by June 2027 and could decide whether lending is added explicitly to regulated crypto-asset services.