(Bloomberg) – François Vilroy des Garhau, a member of the European Central Bank Management Council, said the US risks the next financial emergency through support of cryptocurrency and non-banking finance.
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“The United States is at risk of committing a crime through negligence,” he said in a weekly interview with La Tribune Dimanche in France. “The financial crisis often originates in the United States and spreads to other parts of the world. By encouraging crypto assets and non-bank funding, the American administration is soaring the seeds of radical changes in the future.”
Villeroy said that European oversight is better secured and that the bloc has no risk of a banking crisis.
Separately, Villeroy said in an interview that the euro should take on a more important role internationally, and that Europe “needs to build a strong savings and investment coalition that can attract international investors to currency.”
US President Donald Trump became a supporter of the voice of cryptocurrency in his campaign last year. He has signed an executive order calling for the creation of a strategic Bitcoin reserve and another stockpile of other digital assets. The Securities and Exchange Commission has rejected 12 legal actions against crypto companies since former chairman Gary Gensler resigned when Trump took office.
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