The ACPR (French Prudential Supervision and Resolution Authority) has initiated a discussion paper to explore regulatory approaches for Decentralized Finance (DeFi), which contributes to ongoing EU discussions following the Markets in Crypto-Assets Regulation (MiCA). In response, Circle highlighted the potential of DeFi to transform financial services by offering cheaper, faster, and programmable solutions, exemplified by research showing significant cost reductions in remittances through on-chain markets and stablecoins. Circle advocates for distinguishing between "DeFi protocols" and "DeFi applications," emphasizing the importance of public blockchains over permissioned systems for fostering innovation and economic inclusion. Circle supports the ACPR's pragmatic regulatory approach, suggesting voluntary compliance principles and the exploration of "embedded supervision" for real-time monitoring of DeFi activities. Circle also calls for differentiation in regulatory focus, targeting intermediaries and applications rather than protocols, and cautions against extending MiCA's scope to web interfaces, aligning with MiCA Recital 83. The company appreciates the ACPR's engagement with the industry and public in developing regulatory pathways for DeFi.