FSB Chairman: Cryptocurrencies are approaching a critical point in financial system integration According to a report from http://(Bitcoin.com), Klaas Knot, Chairman of the Financial Stability Board (FSB), stated in a speech at the Spanish Central Bank meeting that the deep integration of cryptocurrencies with the traditional financial system is approaching a critical point. Knot pointed out that with the launch of cryptocurrency ETFs and stablecoin issuers holding large amounts of US bonds, the threshold for retail investors to participate has significantly decreased, and systemic risks are accelerating their accumulation. He warned that in the context of insufficient innovation in the cross-border payment field, rapid innovation without effective regulation may amplify risk transmission. Knot emphasized that given the cross-border nature of cryptocurrencies, countries need to accelerate the implementation of FSB regulatory recommendations and promote a coordinated regulatory framework. This is his final important speech as FSB Chairman, while also mentioning the leverage and liquidity mismatch risks in the non bank financial intermediation sector.