The European Union is pushing forward with plans to establish centralized oversight of stock and cryptocurrency exchanges, giving the European Securities and Markets Authority (ESMA) significantly more authority. This move aims to harmonize regulations within member states, potentially bolstering market integrity. However, concerns persist about its potential impact on national competitiveness, particularly in France and Germany. The European Commission spearheads this initiative with ESMA as the primary supervisory body. While major EU nations like Germany and France support this proposal, Luxembourg and Ireland express apprehension over national competitive implications.