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I believe I know the answer to this one, but asking for clarity purposes - I attack with 5 ATK/Pierce 7 onto a character with Point-Defense System. Does the final attack get reduced to ATK 5/Pierce 5 (which I believe is the correct answer) or ATK 5/Pierce 3?

It would be reduced to 5 Attack, Pierce 5.
Source: Wizards of the Coast (2019-09-20)    【Link to Ruling】
Tags: Point-Defense System