European CB Official Warns Economic Upheaval Resulting From US Crypto Policy

• A European CB official stated that the US crypto policy could trigger a global financial crisis.
• After the recent change in administration, the US crypto sector has seen a massive boom.

The crypto market’s consolidation phase seems to be here to stay, judging from the past few weeks’ actions. Bitcoin has once again docked at the $83,000 range, which has caused altcoins to pause their recovery. Meanwhile, particular altcoins have managed to retain their bullish trends in the sector

Notably, the past day saw news of a European CB (Central Bank) official discussing controversial views about the US crypto policies. Speaking at a French Weekly interview, ECB’s governing council member, Francois Villeroy de Galhau stated that America is taking risks with this new crypto policy

Further, he discussed how historical data confirms that global financial crises often arise in America and then spread to other nations. The European CB official also stated that by encouraging crypto and non-bank financial gateways, the US is “sowing seeds for future turmoil.”

These comments have caught market attention, particularly amidst a growing crypto adoption in both global and European markets. Secondly, the European CB official’s comment also raises concerns about newly shifting members getting second thoughts on the sector

Why Does the European CB Official Find US Crypto Policy Problematic?

While cryptocurrency has major benefits and the global finance sector on average is realizing it, the idea can still seem absurd to particular individuals. Furthermore, complete decentralization and losing governance over the Finance sector can be confusing and thus result in such perception as seen above

Furthermore, with the change in administration to Donald Trump’s presidency, the crypto industry has witnessed a massive boom. The US crypto policy is also influencing other nations to take up pro-crypto notions. This change in perspective at the leading nation has caused particular personalities to be concerned

These could be some of the reasons behind the European CB official finding problems with the USA’s crypto policy. Meanwhile, as aforementioned, the current Bitcoin consolidation has caused the market to enter a dull phase over the past few weeks

Highlighted Crypto News Today:

Whales Accumulate UNI, AUCTION, MKR, Is DeFi Tokens Boom Ahead?