The European Commission is preparing sweeping changes that could hand over direct supervisory authority of stock exchanges, cryptocurrency firms, and clearing houses to the EU’s markets watchdog, the European Securities and Markets Authority (ESMA). Key Takeaways: The European Commission plans to shift oversight of stock exchanges, crypto firms, and clearing houses to ESMA. ESMA argues that fragmented supervision under MiCA creates inefficiencies and weakens consumer protection. Smaller EU nations op ...