The European Central Bank officially supports transferring the regulatory authority over major cryptocurrency firms to ESMA

According to the proposal, the regulatory authority over cross-border institutions that are systemically important will be transferred from the competent authorities of each member state to ESMA, covering large CASPs, trading venues, central counterparties, and central securities depositories. This is the most significant structural adjustment to the EU's crypto regulatory framework since the full implementation of the Markets in Crypto-Assets Regulation (MiCA) for CASPs at the end of 2024.

Under the current MiCA framework, the national competent authorities act as the frontline regulators, while ESMA plays only a coordinating role.