Wu Shuo learned that Linda Jeng, Chief Legal Officer of Aave, issued a statement indicating that Aave has submitted a response to the UK Financial Conduct Authority (FCA) regarding its guidelines on the regulatory boundaries for crypto assets, involving two FCA-regulated UK entities, Push Labs Ltd and Push Virtual Assets Ltd. Aave believes that DeFi protocols are open, permissionless, rule-based, and non-discretionary infrastructure, and should not consider protocol developers as financial intermediaries; the concept of “added value” proposed by the FCA lacks statutory basis. Aave suggests that, without changing the underlying legislation, amendments should be made to exclude non-discretionary infrastructure from intermediary regulation to prevent the UK from becoming an “island” disconnected from global financial development.