Overview

• The European Commission is evaluating a formal proposal to give ESMA direct oversight of stock exchanges, crypto firms and clearing houses that operate across the EU.
• ESMA chair Verena Ross argues that fragmented national supervision under MiCA has produced inefficiencies and weaker investor protection, calling for a single EU supervisor.
• The European Supervisory Authorities warned consumers that protections differ by asset and provider, noting some firms in national transition regimes may offer no MiCA safeguards until authorization or July 2026.
• Luxembourg, Malta and Ireland have pushed back against centralizing powers, with Luxembourg’s Claude Marx warning the plan could create a regulatory “monster.”
• Concerns over uneven enforcement have intensified after ESMA’s July critique of Malta’s licensing process and a French‑Italian‑Austrian paper urging tighter passporting controls and stricter treatment of third‑country platforms.