EU Pushes for Centralized Crypto Oversight, Sparking Industry Debate

The European Commission’s proposal to expand the authority of the European Securities and Markets Authority (ESMA) over cryptocurrency and capital markets has ignited debate across Europe. Critics fear a potential slowdown in innovation and decision-making under a centralized regulatory framework akin to the US Securities and Exchange Commission (SEC). The proposed move, expected to be published as a draft document in December, seeks to give ESMA direct supervisory powers over stock exchanges and crypto service providers.