Techub News reports that according to Cointelegraph, staff at the European Central Bank released a report indicating that governance tokens of DeFi protocols are highly centralized. Approximately half or more of the governance token holdings for Aave, MakerDAO, Ampleforth, and Uniswap are related to the protocols themselves or exchanges. The main voting participants are mostly delegated representatives, and in many cases, these representatives cannot be identified or linked to the token holders. The study questions whether DeFi DAOs have sufficient decentralization to be excluded from the MiCA regulatory framework and provides guidance for policymakers to include relevant entities under regulation.