It is a truth universally acknowledged that a European bureaucrat in possession of a regulatory proposal must be in want of a fresh controversy. 🎭
A Most Peculiar Proposal
As the esteemed chroniclers at Bloomberg have revealed, the European Commission-ever eager to meddle-has devised a scheme to wrestle oversight of those delightfully volatile crypto enterprises from the humble national authorities and bestow it upon the grandly titled European Securities and Markets Authority (ESMA). How very continental! 🇪🇺
One cannot help but recall the words of ESMA’s own Verena Ross, who, with the air of a governess overseeing unruly charges, lamented the inefficiency of twenty-seven national supervisors each fumbling with crypto regulations. “Why,” she seemed to say, “must we endure such redundancy when a single, gloriously centralized authority could bungle it all at once?”
And yet! Draft plans now suggest that ESMA-already burdened with the Herculean task of supervising markets-should also preside over the authorization of new crypto businesses. One wonders if they shall next propose regulating the weather. ⛈️
A Most Unsettled Industry
Robert Kopitsch, secretary general of Blockchain for Europe (a title surely designed to impress at dinner parties), voiced concerns that reopening MiCA-already as stable as a debutante’s nerves-would invite “legal uncertainty.” A polite way of saying, “Pray, must we endure more of this nonsense?”
Meanwhile, Andrew Whitworth, founder of Global Policy Ltd. (a man clearly accustomed to navigating the labyrinth of bureaucracy), mused that crypto might serve as a splendid test of ESMA’s capabilities-provided, of course, they acquire the resources currently wasted on those pesky local regulators.
A Most Petty Standoff
Smaller nations-ever the wallflowers at the EU ball-have dared to question whether ESMA possesses the fortitude to oversee crypto’s wild frontier. Luxembourg, Ireland, and Malta (bless their modest ambitions) fret that such a shift might gasp! weaken their financial sectors. Perish the thought!
Judith Arnal, a scholar of some repute, warned that this “institutional standoff” risks undermining MiCA’s credibility. One might argue that credibility, like virtue, is easily lost but seldom regained. 💅
And lo! The European Banking Authority, ever the mediator, has attempted to soothe the European Central Bank’s fears regarding stablecoins-those peculiar creatures that promise stability yet inspire panic. The ECB, in its infinite wisdom, demands stricter regulations, while the EBA insists MiCA already has safeguards. A disagreement most tedious! 🤷♀️
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2025-11-15 10:25