Financial Stability Board (FSB) Chair Klaas Knot sounded a warning on the expanding systemic implications of crypto assets during a keynote address at a Banco de España-hosted conference on June 12. Leading with concerns about the growing intersection between digital assets and traditional finance, Knot stated:

At the FSB, we have long maintained that crypto does not yet pose a systemic risk, but recent developments suggest we may be approaching a tipping point.

“Barriers for retail users have dropped significantly, particularly with the introduction of crypto ETFs [exchange-traded funds]. The interlinkages with the traditional financial system continue to grow. Stablecoin issuers, for example, now hold substantial amounts of U.S. Treasuries. This is a segment we must monitor closely,” Knot added.

The FSB, an international body responsible for monitoring and recommending improvements to the global financial system, has been observing technological and market developments within the crypto sector with increasing concern. Knot linked these concerns to broader vulnerabilities, warning that rapid innovation—when coupled with insufficient oversight—could amplify contagion risks. He underscored that crypto’s emergence partly stems from inefficiencies in the cross-border payments space, and while efforts like the G20 Roadmap aim to address those gaps, implementation hurdles persist.

The FSB chief emphasized that as crypto’s integration has advanced, the regulatory perimeter must adapt accordingly, stating:

The crypto ecosystem will continue to evolve—and so must our regulatory frameworks. Jurisdictions are actively developing these, and the FSB’s recommendations offer a common foundation.

“This is especially important given the inherently cross-border nature of crypto. Effective implementation must extend beyond the G20, supported by strong regulatory and supervisory cooperation,” he noted.

Knot called for faster progress on reform, as both public and private sectors navigate this fast-changing landscape. Though crypto was a key part of his message, Knot also reviewed broader financial stability issues in what marked his final speech as FSB Chair. He highlighted risks in the non-bank financial intermediation (NBFI) sector, where leverage, opacity, and liquidity mismatches remain unresolved.

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