Global Head of Public Affairs at Morpho 🦋 Co-founder and ex-CEO @adan_asso 🇫🇷 🇪🇺 Author of 4 books on crypto regulations 📚

Joined January 2015
Probablement LE podcast à écouter aujourd'hui, en plein coeurs des débats budgétaires 🇫🇷 🧾 Fiscalité, stablecoins, DeFi, réglementation, lobbying : beaucoup de sujets structurants en vue ces prochains mois. Merci à @CryptoastMedia pour cet échange autour d’une conviction simple : la compréhension et la vision doivent précéder la régulation. À écouter ici 👇
🎥 [Nouvelle vidéo] : Crypto/stablecoins bientôt taxés ? Faustine Fleuret de Morpho décrypte les menaces fiscales, le bras de fer entre banques et DeFi, et les régulations en Europe et aux États-Unis. youtube.com/watch?v=yJ_fkMw2…
2
6
1,552
The EBA, the ESMA and the ESCB have also published their MiCA-review positions 🟢 Morpho welcomes the crucial starting point they share and that the FATF set out in July: obligations anchor on actors and access points, not on the code. We also welcome their informative thinking on where risks actually sit (and where they do not), and on the technological features that should not be challenged (self-custody, permissionlessness…). ⚠️ We would, however, remain cautious on a few ideas heading in the wrong direction: ❌ Extending the stablecoin-remuneration ban to DeFi yield: it would penalise the competitiveness of EU tokenised markets. ❌ Mandatory protocol certification: premature, and a disadvantage to EU players. ❌ A new MiCA service for "DeFi access": it risks overlaps, when guidance could instead clarify the due diligence and disclosures expected under existing licences.
1
4
140
Morpho is fully committed to this MiCA review and remains available to engage with all stakeholders as the discussions continue 🤝
1
3
116
▪️ "Regulating DeFi" is too vague to be operative. Who exactly: developers, protocols, front-ends, integrators? Writing open-source code is not a financial service, and rules designed for intermediaries are neither feasible nor suitable for autonomous, non-custodial protocols. What matters is whether control or custody exists: no need for a bespoke "DeFi test" or definition.
1
4
116
▪️ DeFi is the technological architecture of the ongoing tokenisation of global finance. Because these protocols are asset-agnostic, preserving asset-neutrality is key so that DeFi can support the migration of financial instruments onchain, in line with the EU's Digital Finance and Savings & Investment Union agenda. For the same reason, Europe should not constrain the circulation, interoperability (e.g. with DLT market infrastructures) and liquidity of onchain assets.
1
3
93
🇪🇺 MiCA Review: the @EU_Commission's consultation is now closed. @Morpho is glad to have taken part in these early-stage discussions 📫 Here is what we shared on DeFi ⬇️
2
6
33
2,945
▪️ The real brake on DeFi in Europe is legal uncertainty, not a regulatory gap. DeFi is not a lawless space: regulated intermediaries already build on it, applying their existing obligations. Guidance on how to integrate DeFi compliantly is the single most useful lever for institutionalisation and responsible adoption.
1
3
196
It’s official: no CLARITY Act in 2026 ❌ 🇺🇸 Today’s vote means the bill is unlikely to move forward this year. A missed opportunity, but definitely not the end of the US regulatory momentum on crypto. The SEC and CFTC are moving forward with their own regulatory agendas. We are already seeing concrete work on crypto-asset issuance and tailored exemptions, as well as important discussions around onchain products such as vaults. But agency action is not a full substitute for Congress. A durable framework defining clear jurisdiction, protecting decentralised infrastructure and giving market participants long-term certainty still would benefit from legislation. @Morpho will keep engaging with US policymakers and regulators to make sure DeFi is properly understood and represented in whatever comes next. We are in this for the long run! 🤝🦋 📁 congress.gov/bill/119th-cong…
9
733
FATF published two reports on virtual assets this month: its 7th Targeted Update on the implementation of the Standards on VAs and VASPs, and a dedicated Targeted Report on Regulatory Challenges from DeFi. As part of their preparation, @Morpho contributed to the @FATFNews' Virtual Assets Contact Group's work. ⚠️ While aligning on how to identify whether there is control over a DeFi protocol is crucial, the proposed categorisation of "DeFi arrangements", the scope of "controllers", and the "control or sufficient influence" test appear too broad and unsuitable. 🔎 fatf-gafi.org/en/news/target… 🔎 fatf-gafi.org/en/publication…
1
5
470
Faustine Fleuret retweeted
Back from a full week in DC, meeting with members of the SEC and CFTC with @CJRobins01 and @faufleuret. Policymakers are taking more interest in onchain lending and vaults and how noncustodial, permissionless infrastructure works and its benefits. We welcome regulatory clarity and will keep engaging to help get it right for DeFi.
9
6
89
6,025
Clarity... on vaults? 🇺🇸 Today, Commissioner Hester Pierce issued a statement on crypto vaults and lending strategies. This informed statement is a constructive signal showing her interest and openness to engaging on vaults and DeFi innovation that @Morpho welcomes warmly. TL;DR💡The statement recognizes that vaults are diverse by design and that they should not all automatically fall within the scope of securities laws. It also acknowledges their significant potential as efficient tools for investment portfolios, while recognizing that existing securities rules may need to evolve to protect investors without hindering vault innovation. This is a welcome step toward a more proportionate, technology-aware regulatory framework. We look forward to continuing the dialogue engaged with the SEC and playing an active role in supporting both Morpho protocols and the deployment of onchain finance sec.gov/newsroom/speeches-st…
1
14
924
Morpho Association has completed the largest fundraising round in DeFi, raising $175M 🦋 This confirms @Morpho 's trajectory as a leader in the space, and as a trusted partner bringing the world's biggest financial institutions onchain, becoming the open credit network for the world for the sake of enhancing the financing of the real economy. Most personally for me, this is also a great signal for the French tech ecosystem, and a reminder that France has all the reasons to support and champion its talents and tech builders in the heart of our digital economy's transformation. Europe's global influence, independence and prosperity can be powered by France 🇫🇷 Proud to be part of this journey! Congrats to the entire Morpho team 👏
We’ve just raised $175M, in a round co-led by @paradigm, @a16zcrypto, and @RibbitCapital, the largest raise DeFi has ever seen. Credit is the bedrock of our civilization, but the infrastructure underneath is fragmented, extractive, and closed to most of the world. That is what @Morpho is here to change. Morpho is building the open credit network for the world. The global credit market is $ 200T. We are building the infrastructure layer that will move it onchain, and every institution, fintech, and bank that wants to participate in the next era of finance will connect to this network. After four years of being heads down building Morpho, we now count more than $11B in deposits and integrations with leading financial institutions including @Coinbase, @Binance, @FireblocksHQ, @SG_Forge, @krakenfx, @Bitwise, and dozens of others building on Morpho to offer better products to their users. But this is just the beginning. This raise will allow us to accelerate: activating the global credit network at scale, building the go-to-market engine to match our ambition, and bringing more institutions onto the network faster. Having any kind of onchain strategy in this era will mean going through Morpho at some point. Reach out and let's talk. And if you want to help build the open credit network for the world, we have plenty of open roles. Let’s fly 🦋
11
4
76
9,309
Morpho has joined the @crypto_council's Vault Coalition to advance regulatory clarity for vaults 🦋 Vaults are the next major primitive in finance. But for them to reach full potential, we need clear and thoughtful regulatory frameworks: that’s what the Vault Coalition aims to do. Excited to be part of it 🤝
Today, at the @Vault__Summit, CCI launched the Vault Coalition. Anchored by @galaxyhq and @Morpho, this is a focused industry effort to advance regulatory clarity for vault structures in digital assets. Why did CCI launch this? ⬇️
2
3
17
2,022
The CLARITY Act cleared the Senate Banking Committee ✅ 👏 A major step forward for digital assets sending a meaningful signal that regulatory clarity for digital assets is increasingly seen as a strategic priority ⚖️ 🇺🇸 As Chair Tim Scott reminded, "developers, entrepreneurs and investors were left with uncertainty" for too long. That is what makes passing a bill in 2026 all the more crucial. That said, this markup is not the finish line for the CLARITY Act: ➡️ The Senate Banking Committee version must be merged with the Senate Agriculture Committee's version (passed in January 2026) ➡️ A full Senate floor vote will need to pass the reconciled version ➡️ Before heading to the President for signature But significant challenges remain on the road to final passage: ⚠️ Key open issues such as ethics provisions are still unresolved, which could threaten durable bipartisan support for the bill (only 2 Democrats voted yes, and one has already conditioned her floor support on resolving these issues) ⚠️ The bill will need 60 votes in the full Senate, meaning a broader Democratic coalition is still to be built ⚠️ Banks, labor unions and law enforcement agencies remain opposed @Morpho has been closely tracking the CLARITY Act and its implications for decentralised finance. We welcome this vote and remain fully engaged as the bill moves toward the Senate floor to help shape a framework that works for DeFi and its integration into traditional finance 🦋
1
3
320
The following statement is attributed to Blockchain Association CEO @SummerMersinger after today's bipartisan committee vote on the Clarity Act: "Today’s bipartisan Senate Banking Committee passage of the Clarity Act is a defining moment for American leadership in the future of finance. Durable, lasting digital asset policy must be built on a bipartisan foundation, and today’s vote reflects the growing recognition across party lines that the United States needs clear rules of the road. For too long, regulatory uncertainty has sent talent, investment, and innovation overseas – strengthening foreign competitors while leaving American builders without the certainty they need to compete. The Clarity Act is an opportunity to reverse that trend, reshore the next generation of financial technology jobs, and ensure digital asset markets are built here in the United States under American values: consumer protection, open markets, individual freedom, and the rule of law. Just as importantly, clear rules will benefit American consumers by expanding access to compliant and innovative financial products, improving transparency and accountability in digital asset markets, and reducing reliance on opaque offshore platforms that operate outside U.S. oversight. Blockchain Association applauds the Committee for advancing this critical legislation with bipartisan support. Important work still remains, and we are fully committed to continued engagement with lawmakers and stakeholders as the bill moves swiftly toward consideration on the Senate floor."
1
13
23
1,944
DeFi runs on stablecoins. Almost entirely on dollars today. It's time for euros too 🇪🇺 US regulations support the sustainable strength of the dollar in onchain finance: GENIUS Act sets the rules, PACE Act would open the rails. Stablecoin market cap is now $320B, rocketing year-over-year. The tokenization race is on. Europe needs to unlock euro stablecoins as legitimate settlement assets and collateral and secure the euro's place in the financial infrastructure being built right now. 🖊️ That is why as a member, @Morpho is signing @standwithcrypto's petition for a pro-innovation stablecoin strategy in Europe ⬇️ standwithcrypto.org/eu/en/pe…
3
3
15
2,214
Today @Morpho joined a coalition led by @BlockchainAssn and @crypto_council calling the Senate Banking Committee to move forward with a markup on market structure legislation. Everywhere including in the 🇺🇸, a comprehensive, proportionate and adapted framework for crypto markets is crucial to support builders and drive financial innovation.
1/ Today, @BlockchainAssn and @crypto_council, joined by a broad coalition of more than 120 organizations from across the digital asset ecosystem, urged the Senate Banking Committee to move forward with a markup on market structure legislation. Years of bipartisan work have brought Congress to an important moment. The U.S. needs clear, durable rules that protect consumers, provide certainty, and reinforce American leadership in digital asset innovation.
1
17
828
The US Congressional Research Service just published its updated DeFi overview Why it matters? It is directly informing the CLARITY Act debates 💡 Key finding: if the CLARITY Act passes, the CFTC, SEC and Treasury could be mandated to jointly study DeFi uses, benefits and risks, with a separate GAO study. Also a standalone DeFi bill is explicitly on the table. An informed approach is the best one for an adapted and proportionate regulation ✅ 🔎 congress.gov/crs_external_pr…
1
6
1,326
Good signal for DeFi! The staffers of the SEC stated that front-end providers operating under specific conditions could not need to register as broker-dealers. This is a great shift from the crypto-sceptical posture the SEC has held in the past. A few things to keep in mind though: this is staff-level guidance, not a SEC rule, so carries no legal force. It only covers crypto asset securities (not crypto broadly) and comes with many conditions. The real work is still ahead. Congressional legislation like the Clarity Act needs to move in the same positive direction to create lasting legal certainty and stability. One step at a time, but this one is going in the right direction.
NEW 🚨: As part of Project Crypto, the Division of Trading and Markets issued a staff statement providing its views on broker-dealer registration requirements in connection with certain interfaces used to prepare transactions in crypto asset securities. ow.ly/fiGs50YImGn
1
1,024