Bank of France Urges Stronger Crypto Supervision, Calls for ESMA Takeover

François Villeroy de Galhau, governor of the Bank of France, calls for a shift in cryptocurrency regulation, demanding the transfer of direct supervision authority from national regulators to the European Securities and Markets Authority (ESMA). This proposal comes as concerns over the potential threats of stablecoins backed by the US dollar are mounting. Will Europe’s approach on this issue hold up against American market dominance within crypto?