Banque de France Governor François Villeroy recently issued a warning about the economic policy of the United States. The various actions taken by US President Trump to vigorously promote the development of the Bit industry may be sowing the "seeds of a financial crisis".

The Banque de France warns of economic risks: the US may commit the "sin of negligence"

In an interview with the French newspaper La Tribune Dimanche, Villeroy stated that the US government's support for the Bit industry, coupled with the relaxation of regulations on non-bank financial institutions, is likely to trigger future financial turmoil:

Financial crises often originate in the US and then spread globally. The US government's encouragement of Bit and non-bank financial institutions is sowing the seeds of future upheavals.

He also pointed out the significant differences in financial regulation between Europe and the US, emphasizing that the European regulatory framework is strong enough to protect the 27 EU member states from potential risks: "The European banking sector will not face a crisis or risk as a result."

Historical warning: the US has triggered multiple financial crises

Villeroy pointed out that the US has been the source of multiple financial crises in history, including:

• The 1929 Wall Street stock market crash: triggered the global Great Depression
• The 1973 OPEC oil crisis: the temporary suspension of oil exports to the US by OPEC led to market turmoil
• The 2008 financial crisis: triggered by the bursting of the US housing bubble and the collapse of the banking system

He warned that the Trump administration's financial and trade policies may once again push the global economy to the brink of danger:

Trump seems to hold the mistaken view that the global economy is a zero-sum game.

(DOGE reforms devastate the US economy: $20 billion in airline market value evaporated, Washington faces unemployment and housing crisis)

European central banks criticize in unison

It is worth noting that this is not the first time Villeroy has publicly criticized Trump. Even before Trump took office, he had described Trump's trade war and economic policies as "a tragedy for the American economy":

We sometimes hear in the US about the lack of regulation of non-bank institutions, various funds or Bit assets, which could jeopardize financial stability.

At the same time, he is not the only European official to criticize Trump's policies. Bundesbank President Joachim Nagel recently stated that Trump's economic policies are like a "horror movie", and their impact should not be underestimated.

In response, Villeroy emphasized that Europe will continue to maintain strict financial regulation to ensure market stability.

Trump increases support for Bit

Since returning to the White House in January, the Trump administration has repeatedly expressed its support for the Bit industry. First, through an executive order, it established a dedicated task force and appointed former PayPal executive David Sacks as the US's first "AI Bit Czar".

In addition, the newly appointed acting chair of the US Securities and Exchange Commission (SEC), Mark Uyeda, has slowed down or withdrawn several lawsuits against Bit companies such as Coinbase, Binance, and Robinhood.

Earlier this month, the Trump administration officially announced the establishment of a strategic BTC reserve, fulfilling its long-standing political promise, and plans to stockpile BTC and other Bits seized through criminal and civil forfeiture as national assets.

However, the previously mentioned inclusion of ETH, Solana (SOL), Cardano (ADA), and Ripple (XRP) has been silent, once again becoming a market manipulation slogan.

(The inclusion of XRP and ADA will undermine the credibility of Trump's US Bit reserve, is BTC the only choice?)

The trade war triggered volatility in the US stock and Bit markets

However, even with the most Bit-friendly government in US history, the Trump administration's tariff policies have exacerbated market volatility.

As concerns about the economic recession in the United States have intensified, the stock market and the Bit market have seen a significant decline in recent weeks. Wall Street investment banks JPMorgan and Goldman Sachs have raised their forecasts for the probability of an economic recession from 15% at the beginning of this year to 20% to 40%, indicating a serious loss of investor confidence.

(No guarantee of no recession! US Treasury Secretary Bessent: Constant growth is unhealthy, the government is resetting the economic course)