European Commission eyes SEC-style single supervisor over crypto, stock exchanges: FT

The European Commission is preparing a proposal for December to centralize the regulation of stock exchanges, crypto exchanges, and clearing houses under a single entity, similar to the U.S. Securities and Exchange Commission (SEC). This initiative is part of the effort to build a "capital markets union" to ease cross-border scaling for finance startups by reducing reliance on numerous national regulators. One potential approach involves expanding the powers of the existing European Securities and Markets Authority (ESMA) to cover significant cross-border financial entities, although this idea is reportedly contentious. ECB President Christine Lagarde supports this centralization. While some member states like Luxembourg and Dublin are skeptical, the Commission confirmed it is exploring EU-level supervision for critical infrastructures and large cross-border entities. If proposed in December, the legislative process could extend into 2026.

(Source：The Block)