[Kenneth Rogoff: Financial Deregulation May Increase Systemic Crisis Risk] According to Caixin, former IMF Chief Economist Kenneth Rogoff has warned that the Trump administration's push to relax bank capital requirements and regulatory transparency significantly heightens the risk of a systemic financial crisis in the United States. He pointed out that the deregulation aims to strengthen traditional banks' market power in competition with cryptocurrencies, particularly stablecoins. However, if cryptocurrency regulations are simultaneously loosened, it could trigger a 'double deregulation' risk, leading to systemic collapse. He believes that although a full-scale banking crisis may not erupt in the short term, the risks have clearly increased, and the regulatory balance between stablecoins and the traditional banking system has become a critical vulnerability.