EU Official Raises Concerns About Cryptocurrency’s Impact on Global Finance

European regulators are expressing growing apprehension about the potential destabilizing impact of cryptocurrency on traditional financial systems. Natasha Cazenave, Executive Director at the European Securities and Markets Authority (ESMA), warned in a recent statement that unchecked crypto-asset growth could pose serious risks to market stability if trends continue unchecked. Although currently only representing 1% of global financial holdings, the rapid rise of crypto assets is raising concerns as they increasingly overlap with traditional finance, particularly in regions like the United States with more permissive regulatory environments.