Venture capital firm Paradigm has responded to the European Securities and Markets Authority's (ESMA) consultation paper on crypto asset market abuse prevention. Paradigm argues that ESMA's understanding of Maximum Extractable Value (MEV) is flawed and that regulating base-layer blockchain microstructure is misguided. Paradigm suggests that ESMA should encourage the industry to build products that enhance consumer welfare without dictating their design. The firm did not propose a solution to the misuse of MEV. ESMA's measures are part of the Markets in Crypto Asset (MiCA) Act, set to take effect on June 30.