ECB’s Villeroy Says US Crypto Support Sows Seeds of Future Shock

European Central Bank Governing Council member Francois Villeroy de Galhau said the US risks bringing about the next financial emergency through its support of cryptocurrencies and non-bank finance.

“The United States risks sinning through negligence,” he said in an interview with the French weekly La Tribune Dimanche. “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 added that European supervision was better secured and said there was no risk of a banking crisis in the ...