[EU Proposal to Expand ESMA's Regulatory Authority to Cover Crypto Companies] The European Union's executive body has unveiled a proposal to expand the regulatory and enforcement powers of the European Securities and Markets Authority (ESMA), covering major clearinghouses, central securities depositories, trading venues, as well as cryptocurrency companies and pan-European market operators. The proposal suggests establishing a board of directors composed of five independent members with a maximum term of five years, with preparatory costs covered by the EU budget and ongoing expenses shared by relevant market participants. Additionally, the European Commission plans to amend legislation to limit member states from imposing additional requirements on securities issuers, simplify the licensing process, and promote the inclusion of distributed ledger technology in the rulebook. The plan requires approval from the European Parliament and the Council of Member States, with negotiations set to begin next January under Cyprus's presidency of the EU Council.