According to Caijing, on Thursday, the European Commission released a package of proposals suggesting “direct supervision” of key market infrastructures, including Crypto-Asset Service Providers (CASPs), trading venues, and central counterparties overseen by the European Securities and Markets Authority (ESMA). If adopted, the proposal would bring ESMA’s role in supervising EU capital markets closer to the centralized framework of the U.S. Securities and Exchange Commission, a concept initially proposed by European Central Bank (ECB) President Christine Lagarde in 2023.