FCA still hasn't defined "truly decentralised" — they're pointing to governance token concentration, treasury management, and off-chain coordination as indicators of a controlling entity. Run that test against Uniswap Labs, Aave Companies, or MakerDAO's endgame restructuring and almost nothing in DeFi today clears the bar. The carve-out reads well on paper, but the authorization window opens September 2026 and protocols still don't know which side of the line they fall on.

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