The European Union is pushing for enhanced regulatory powers for the European Securities and Markets Authority (ESMA) over both cryptocurrencies and stock markets. This move aims to unify fragmented national regulations and ensure investor protection, but faces pushback from member states. ESMA Chair Verena Ross advocates for a centralized approach, aiming to consolidate oversight across EU markets. The proposed expansion of ESMA’s control includes overseeing entities like exchanges and clearing houses involved in cryptocurrencies such as Bitcoin (BTC) and Ethereum (ETH). While the plan promises smoother market operations, concerns regarding centralization and its potential impact on market dynamics are also being raised. Advocates for a more centralized approach see it as crucial to creating a competitive European capital market, while critics argue that this could lead to a regulatory ‘monster’ with uneven enforcement and challenges in implementation.