Venture capital firm Paradigm has expressed its dissatisfaction with the position of the European Securities and Markets Authority (ESMA) regarding the prevention of abuse in the cryptoasset market. 📝 ESMA, according to Paradigm, incorrectly draws parallels between abuses in traditional financial markets and the actions of participants in the underlying layer of the blockchain. Paradigm argues that regulating the microstructure of the blockchain base layer is fundamentally flawed. The company is calling on ESMA to encourage industry to create products that improve consumer welfare overall, without expressing an opinion on how those products should be designed.