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European Union regulation will probably threaten the very principles that the Fediverse functions on, potentially making Lemmy illegal anywhere in the EU because it's not auditable enough, or doesn't meet data retention or some kind of consumer privacy law.
The EU is a threat to the Fediverse unfortunately.
The EU literally uses the Fediverse themselves. https://ec.social-network.europa.eu/
Eventually decentralized services with anonymity will be killed by the EU, they already want to stop all text encryption, the way anyone can stand up a server and run it however it's already in conflict with the GDPR.
As much as I would turn down the knob on some of their regulation, I don't see why. The absolute worst case I could see is them legally-requiring people in the EU to not federate with instances abroad. That might fragment the Fediverse, but it ain't gonna kill it.