Citing TechFlow, the European Commission has proposed expanding the European Securities and Markets Authority's (ESMA) regulatory powers over cryptocurrency and capital markets, aiming to close the competitive gap with the U.S. The proposal would transfer 'direct regulatory authority' over key market infrastructure—including crypto asset service providers (CASPs), trading venues, and central counterparties—to ESMA. The proposal still requires approval from the European Parliament and Council. If passed, ESMA's role in regulating EU capital markets would resemble the centralized framework of the U.S. Securities and Exchange Commission. Previously, France, Austria, and Italy had called for ESMA to take over the regulation of major crypto firms.
EU Commission Proposes Expanding ESMA's Regulatory Authority Over Crypto and Capital Markets
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