PANews reported on October 6th that cryptonews, citing the Financial Times, reported that the European Commission is planning a comprehensive reform that will give the European Securities and Markets Authority (ESMA), the EU's market regulator, direct regulatory authority over stock exchanges, cryptocurrency companies, and clearing houses. ESMA Chairperson Verena Ross stated that this move aims to address the long-standing fragmentation in EU financial markets and create a more integrated and globally competitive capital market. Currently, the supervision of crypto asset service providers (CASPs) is primarily exercised by member states under the MiCA framework, but ESMA believes that this decentralized regulation is inefficient and weakens consumer protection. However, the proposal has been opposed by smaller countries such as Luxembourg and Malta, who warn that centralized power could harm their local financial industries.