The European Commission has proposed a major shift in financial regulation by elevating the role of the European Securities and Markets Authority (ESMA) to oversee stock and cryptocurrency exchanges across the EU. This proposal aims to create a unified regulatory framework for financial operations within the bloc, ultimately bolstering the global competitiveness of EU markets. By addressing the current fragmented regulatory landscape, this initiative seeks to encourage European companies to seek funding within the EU itself instead of seeking resources internationally. This ambitious plan draws inspiration from the US Securities and Exchange Commission (SEC), which provides central oversight for cross-border financial entities like trading platforms and asset managers.