(Bloomberg) — European Central Bank Governing Council member Francois Villeroy de Galhau said the US risks bringing about the next financial emergency through its support of cryptocurrencies and non-bank finance.
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“The United States risks sinning through negligence,” he said in an interview with the French weekly La Tribune Dimanche. “Financial crises often originate in the United States and spread to the rest of the world. By encouraging crypto-assets and non-bank finance, the American administration is sowing the seeds of future upheavals.”
Villeroy added that European supervision was better secured and said there was no risk of a banking crisis in the bloc.
Separately, Villeroy said in the interview that the euro should take on a more important role internationally and that Europe needs to “build a powerful savings and investment union, capable of attracting international investors to our currency.”
US President Donald Trump became a vocal supporter of cryptocurrencies during last year’s campaign. He has signed an executive order calling for the creation of a Strategic Bitcoin Reserve and a separate stockpile of other digital assets. The Securities and Exchange Commission has dismissed about a dozen legal actions against crypto companies since former Chair Gary Gensler resigned when Trump took office.
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