Francois Villeroy de Galhau, a member of the Governing Council of the European Central Bank and the governor of the Bank of France, has expressed concerns that the U.S.’s adoption of cryptocurrency could lead to the next financial crisis.
In a discussion with a French newspaper, Villeroy noted that the U.S. “risks making mistakes due to inaction.”
“By promoting crypto-assets and facilitating finance outside traditional banks, the American government is laying the groundwork for potential future disruptions,” he stated, emphasizing that regulatory frameworks for the crypto sector are more robust in Europe.
Former President Donald Trump engaged with the cryptocurrency sector during his 2024 campaign and previously issued an executive order to establish a Strategic Bitcoin Reserve along with a separate cache for other digital currencies.
Villeroy further pointed out that Europe must draw in more global investors to the euro, to bolster the currency’s standing on the international stage amid Trump’s tariff strategies.