Executive Summary Sentiment: Restrictive.  The primary regulatory trend this week involves the strict enforcement of existing rules and structural market adjustments. Regulators continue to move from issuing guidance to taking direct enforcement action. Directional - DeFi Exemptions Challenged:  The European Central Bank (ECB) is challenging the “fully decentralised” exemption within MiCA, signalling that centralised exchanges interacting with major DeFi protocols may soon be