ECB Governing Council Member: US support for crypto assets and non-bank finance sows the seeds for future turmoil

Odaily Planet Daily reported that Francois Villeroy de Galhau, a member of the European Central Bank's Governing Council, said that the United States' support for cryptocurrencies and non-bank finance could trigger the next financial emergency. In an interview with the French weekly Le Tribune du Dimanche, he said: "The United States is at risk of committing a crime by negligence. Financial crises often originate in the United States and spread to other parts of the world. By encouraging crypto assets and non-bank finance, the US government is sowing the seeds of future turmoil." Galhau added that European regulation is more secure and said there is no risk of a banking crisis in the European Union. (Bloomberg)