Financial Stability Board Chair warns: Cryptocurrencies are reaching a ‘tipping point’ of systemic risk

PANews reported on June 15 that according to CrowdfundInsider, the outgoing Chairman of the Financial Stability Board (FSB), Klaas Knot, issued a stern warning that the cryptocurrency market may be approaching a "critical point" and could pose a systemic risk to the global financial system. He said: "Stablecoin issuers currently hold a large amount of U.S. Treasuries. We must pay close attention to this area." "The threshold for retail users has been greatly reduced, especially after the launch of cryptocurrency ETFs. The connection with the traditional financial system continues to strengthen." Knot emphasized the need for proactive supervision, noting: "The crypto ecosystem will continue to develop, and so must our regulatory framework."