These are both correct. The first is right in most applications of Markov blankets. The second is relevant mainly in e.g. science, where figuring out the causal structure is part of the problem. In science, we can experimentally test whether M2 mediates the interaction between M1 and M3 (i.e. whether M2 is a Markov blanket between M1 and M3), and then we can back out information about the causal structure from that.
These are both correct. The first is right in most applications of Markov blankets. The second is relevant mainly in e.g. science, where figuring out the causal structure is part of the problem. In science, we can experimentally test whether M2 mediates the interaction between M1 and M3 (i.e. whether M2 is a Markov blanket between M1 and M3), and then we can back out information about the causal structure from that.