According to Reuters, the European Central Bank (ECB) stated on Friday that it fully supports the centralized financial regulation plan proposed by the European Commission. The proposal aims to transfer regulatory authority over systemically important cross-border financial institutions, including large trading venues and crypto asset service providers, from national regulators of member states to the European Securities and Markets Authority (ESMA). It is reported that smaller member states such as Ireland and Luxembourg previously expressed lukewarm support. Currently, the proposal is undergoing several months of legislative negotiations between EU member governments and the European Parliament.