I still haven't finished reading the entire final report of ESMA (responsible for regulating securities and markets in Europe, equivalent to the SEC in the USA and our CVM), which led to the new regulation of crypto, Mica (Market in crypto assets).

That said, I still don't have a formed opinion on it, but from what I've read (page 122, the report is 424 pages), I believe that the entire market will have to go through this, sooner or later.

There needs to be more transparency in how the algorithms of market makers work (AMM), how exchanges and other participants use the information they hold, and how they protect it against conflicts of interest.

It is necessary to investigate, for the good of the market, financial balances, because, in the current model, financial bubbles are being created, which are still small, as it is a small market (under 3 trillion can be considered a small market).

This market capitalization, supposedly of 3 trillion, is not real; the question is, how much of that value is backed?

Having investments without backing is the same as investing in promises. Investment is money; money is serious business.

Anyway, for those who are curious:

https://www.esma.europa.eu

When I finish reading, I will create a new one with my formed opinion.

ESMA's website, just search for Mica, which has the PDF of reports, consultations..

A part that will shake many exchanges and market makers: