The European Commission is exploring plans to bring stock and cryptocurrency exchanges under central regulation, as part of a broader effort to make the EU capital markets more competitive with the United States.
According to the Financial Times on Saturday, the upcoming proposal will expand the jurisdiction of the European Securities and Markets Authority (ESMA) to include stock and crypto exchanges, as well as crypto asset service providers and other trading infrastructures.
The current landscape in the EU includes numerous national and regional regulators, significantly increasing the costs of cross-border trade and hindering the development of startups in the region.
Authorizing a single regulatory body similar to the U.S. Securities and Exchange Commission (SEC) could be the next step for the EU's "Capital Markets Union," which has also received support from European Central Bank (ECB) President Christine Lagarde.
"For example, creating a European SEC by expanding ESMA's powers could be the answer. It requires broad authority, including direct oversight, to mitigate systemic risks posed by large cross-border companies," Lagarde said at the European Banking Congress in November 2023.
According to sources familiar with the matter, the Commission plans to release a draft in December.
The proposal will also empower ESMA to have final decision-making authority in disputes between asset management companies, issuing binding decisions without direct oversight.
The EU's single regulatory model could address concerns related to crypto service providers seeking licenses in more lenient regulatory jurisdictions.
In September, the French securities regulator threatened to ban crypto license "passports" under the Markets in Crypto-Assets (MiCA) regime, raising concerns about enforcement gaps in the EU-wide regulatory framework.
France has also become the third country, after Austria and Italy, to call for the Paris-based ESMA to take over the regulation of major crypto companies.
Under MiCA, which will take effect in December 2024 for crypto asset service providers, companies authorized in one member state can use that license as a "passport" to operate across the 27-nation bloc.
ESMA Chair Verena Ross also confirmed in October the Commission's plans to shift financial sector regulation from national regulators to ESMA.
Ross stated that the proposal aims to address the issue of "persistent market fragmentation" and move closer to a unified European capital market.
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