French Central Bank Governor: Trump's Support for Cryptocurrency "Lays the Groundwork for Future Turmoil"

ChainCatcher news, according to Cryptoslate, François Villeroy de Galhau, the Governor of the Bank of France and a member of the European Central Bank's governing council, stated in an interview with the French newspaper La Tribune Dimanche that U.S. President Trump’s support for cryptocurrencies is making a huge mistake, and the U.S. could pave the way for the next financial crisis by embracing cryptocurrencies and non-bank finance. He said, "The U.S. may make a mistake out of negligence. Financial crises often originate in the U.S. and then spread to other parts of the world. By encouraging crypto assets and non-bank finance, the U.S. government is laying the groundwork for future turmoil. The current wave of deregulation in the U.S. is dangerous."

Villeroy de Galhau has been openly critical of Trump’s policies. Even before Trump took office in January, Villeroy de Galhau was one of the earliest economists to express concerns about Trump and his policies. On January 15, he said, "I think that the claims we sometimes hear in the U.S. about the lack of regulation of non-bank institutions, various funds, or the lack of regulation of crypto assets could jeopardize financial stability." Earlier this week, Villeroy de Galhau stated that Trump’s trade war and economic policies are "a tragedy for the U.S. economy."