Europe Considers Establishing a Unified Supervisory Authority for Cryptocurrencies and Securities, Modeled After the US SEC

The European Commission plans to propose the establishment of a single authority to oversee cryptocurrency exchanges, securities exchanges, and clearinghouses, modeled after the US Securities and Exchange Commission (SEC). This was reported by the Financial Times on the 2nd. This initiative is part of efforts to enhance the competitiveness of the European Union (EU) against the United States, aiming to facilitate fundraising and business expansion within the EU rather than abroad. The European Central Bank (ECB) is expected to make a proposal regarding this initiative in December. ECB President Christine Lagarde, along with her predecessor Mario Draghi, supports this move.