A senior official from the European Central Bank (ECB) has raised concerns about the United States’ growing adoption of cryptocurrency and non-bank finance, warning that this could lead to a financial crisis with global repercussions.
In an interview with French publication La Tribune Dimanche on Saturday, ECB governing council member François Villeroy de Galhau stated, “The United States risks sinning through negligence.” He added, “Financial crises often originate in the United States and spread worldwide. By promoting crypto assets and non-bank finance, the U.S. government may be laying the groundwork for future financial turmoil.”
The U.S. approach to cryptocurrency has shifted notably under President Donald Trump, who advocated for the digital asset sector during his presidential campaign last summer. Since taking office, Trump has pursued efforts to position the U.S. as the “crypto capital of the world,” including proposals for a Strategic Bitcoin Reserve.
In parallel, the Securities and Exchange Commission (SEC) has softened its stance toward cryptocurrency, dismissing several high-profile cases against crypto platforms since Trump’s inauguration, signaling a less regulatory-driven approach to the sector.
This change in the U.S. regulatory landscape contrasts with Europe’s more structured approach to cryptocurrency, particularly the European Union’s Markets in Crypto-Assets Regulation (MiCA). Enacted in 2023, MiCA aims to create a harmonized regulatory framework across the EU’s 27 member states and has already begun to influence some of the largest crypto companies operating within the region.
The MiCA framework, while designed to simplify and standardize crypto regulations, has introduced significant challenges for virtual asset service providers (VASPs) in the EU. These companies now face stringent requirements, including licensing mandates, capital reserve standards, and robust consumer protection rules. As of 2025, all VASPs registered in the EU must comply with MiCA’s provisions, with predictions that up to 75% of these providers may struggle to meet the new standards due to factors like company size and the high cost of compliance.
While the EU’s structured regulatory approach contrasts with the U.S. government’s more lenient stance, experts suggest that MiCA’s development could serve as a model for future U.S. regulatory frameworks, especially as the U.S. looks to balance innovation with necessary safeguards in the crypto space.
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