The European Commission is considering a proposal to centralize oversight of stock and cryptocurrency exchanges under the European Securities and Markets Authority (ESMA), aiming to enhance the competitiveness of the EU's capital markets. This move, reported by the Financial Times, would extend ESMA's jurisdiction to include crypto asset service providers and other trading infrastructures, potentially creating a supervisory body similar to the US Securities and Exchange Commission (SEC). The proposal, supported by European Central Bank President Christine Lagarde, seeks to reduce the costs of cross-border trade and foster startup growth by mitigating systemic risks posed by large cross-border firms. The draft proposal, expected in December, would empower ESMA to resolve disputes between asset managers with binding decisions. This initiative also addresses concerns about crypto service providers exploiting lenient regulatory jurisdictions under the Markets in Crypto-Assets Regulation (MiCA). France, Austria, and Italy have advocated for ESMA to oversee major crypto companies, highlighting the need for a unified regulatory approach across the EU's 27-nation bloc.