The Financial Stability Board (FSB), a crucial G20 body overseeing global financial stability, has appointed Andrew Bailey as its new chair. The nomination was announced by the FSB’s Nomination Committee following Bailey’s recommendation for a three-year term starting in July. This appointment follows the FSB’s recent efforts to create regulatory frameworks for crypto-assets and stablecoins. The FSB recognizes the potential risks these assets pose to financial stability. Bailey currently leads the FSB Standing Committee on Supervisory and Regulatory Cooperation, where he has been instrumental in developing a global regulatory framework for crypto-asset activities, and a roadmap for implementing these assets. This move comes as a result of Klaas Knot’s term as chair expiring in June, following his successful tenure.