PANews reported on April 9 that Natasha Cazenave, executive director of the European Securities and Markets Authority (ESMA), the EU securities market regulator, said at a European Parliament hearing that although crypto assets currently account for less than 1% of the global financial system and have limited "spillover effects" on traditional finance, the size of the crypto market will double in 2024 to 3.3 trillion euros, and the connection between institutions and traditional finance is rapidly deepening. Cazenave pointed out that if there is a sharp price drop in the future, it may have an impact on the financial system, especially after the introduction of institutional funds into tools such as ETFs and stablecoins, the risk transmission will intensify. She emphasized that although the MiCA Act is an important milestone, "there is no absolutely safe crypto asset" and global collaboration and continuous regulatory improvement are still needed to prevent possible systemic shocks in the future.