EU Commission proposes shifting crypto oversight to single regulator

The European Commission has proposed transferring the authority to supervise cryptocurrency firms from individual member states to the European Securities and Markets Authority (ESMA), the European Union's market regulator. According to CoinDesk, the proposal addresses concerns that differing national regulations are causing market fragmentation and undermining the bloc's competitiveness. If the measure is implemented, ESMA could become a direct supervisory authority, similar to the U.S. Securities and Exchange Commission (SEC).