European Central Bank (ECB) Governing Council member Francois Villeroy de Galhau has warned that the United States’ approach to cryptocurrencies and non-bank finance could trigger the next global financial crisis. In an interview with the French publication La Tribune Dimanche, he stated:

The United States risks sinning through negligence. 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 claimed that Europe’s financial oversight is more secure, asserting that “there was no risk of a banking crisis in the bloc.” His comments reflect ongoing concerns among European regulators that the U.S.’ regulatory stance on digital assets and alternative financial systems could lead to destabilizing consequences.

President Donald Trump has signed an executive order establishing a strategic bitcoin reserve and a digital asset stockpile, aiming to harness digital assets for national prosperity. This federal initiative has spurred legislative actions at both national and state levels. Senator Cynthia Lummis introduced the BITCOIN Act, proposing the acquisition of one million bitcoins to bolster the reserve, a stake approximating 5% of the total bitcoin supply. In the House of Representatives, Congressman Nick Begich introduced companion legislation to support this federal initiative. Concurrently, multiple states have advanced similar measures. For example, the Texas Senate recently passed SB 21, a bill to create a state-level bitcoin reserve, reflecting a growing trend among states to diversify assets and strengthen financial resilience through cryptocurrency investments.

In addition, the U.S. Securities and Exchange Commission (SEC) has dropped legal actions against multiple crypto companies following the departure of former Chair Gary Gensler. The shift in policy reflects the administration’s intention to integrate digital assets into the mainstream financial system, marking a significant departure from the regulatory approach of previous administrations.

Beyond financial stability, Villeroy also highlighted the need for the euro to take on a stronger role in global markets. He argued that Europe must “build a powerful savings and investment union, capable of attracting international investors to our currency.” His remarks underline the long-standing European objective of reducing dependence on the U.S. dollar and strengthening the euro’s position in international trade and finance. European leaders have previously pushed for reforms to make the euro a more attractive reserve currency, but progress has been slow due to fragmented financial policies across the bloc. Villeroy’s statements reinforce the ECB’s position that a unified European financial system is necessary for the continent’s economic strength and independence.

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