21Shares is urging the European Securities and Markets Authority (ESMA) to create a unified regulatory framework for including crypto assets in Undertakings for Collective Investment in Transferable Securities (UCITS) funds designed for retail investors, such as ETPs. The rules around including crypto assets in UCITS funds are currently inconsistent across Europe, as there are UCITS holding crypto in countries such as Germany and Malta, while this is not the case in Luxembourg, Ireland, and elsewhere. 21Shares argues that these discrepancies create confusion, making it difficult for investors to understand their options.